Do Kwon Awaits Extradition Decision Under House Arrest

Former Terraform Labs CEO Do Kwon is reportedly released from jail in Montenegro. However, Kwon remained under house arrest over the weekend.

He awaits the high court’s decision on extradition requests from South Korea and the United States.

Do Kwon Released From Montenegrin Prison

US and South Korean authorities want Do Kwon for his alleged participation in Terra’s collapse in 2022. Prosecutors believe the former crypto mogul played a huge role in the collapse that wiped off over $40 billion of customer funds.

Penalties for these crimes are less severe in South Korea than in the United States. US prosecutors filed eight felony charges against Kwon in March 2023. If extradited there, the Terra founder could face those charges.

Montenegro’s detention chief, Darko Vukcevic, verified Kwon’s release in an interview. He noted that the Terra founder is currently in the police’s custody. Vukcevic told Bloomberg journalists, “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended. Since he is a foreign citizen and his documents were withheld, he was taken for an interview to [the] police directorate for foreigners, and they will deal with him further.”

Goran Rodic, Kwon’s attorney, likewise attested to his release. Kwon’s passport has reportedly been withheld to keep him from fleeing the country. Rodic said he planned on filing an appeal with a court to keep Kwon free until his extradition.

Do Kwon head to the US or South Korea

Do Kwon looked all set to head to the US following a ruling from the Podgorica High Court. The Montenegro Appeals Court reversed the decision, citing violations of criminal procedure provisions.

The ruling appeared to give South Korea an edge over the US. However, the US plans to challenge the decision. US officials could submit an appeal before the Montenegrin Supreme Court. Kwon’s camp, it seems, is in support of him going back to South Korea since it will keep him closer to his family.

Montenegrin authorities arrested Kwon in 2023 for trying to travel with fake documents. The Terra founder was one of the biggest names in crypto before his decline. He joins Bankman-Fried and Alex Mashinsky as some of the most disgraced crypto figures of the last year.


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