US Prosecutors to Appeal Montenegrin Court’s Decision to Extradite Do Kown to South Korea
US prosecutors aim to appeal the Montenegrin High Court’s decision to extradite former cryptocurrency mogul Do Kwon to South Korea to face charges related to the $40 billion collapse of the TerraUSD stablecoin in 2022.
The US Justice Department stated on Thursday that it will continue to seek Kwon’s extradition in accordance with relevant international agreements, bilateral agreements, and Montenegrin law, according to a Bloomberg report .
“The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law,” the authorities wrote.
Do Kwon, co-founder of Terraform Labs Pte, was arrested in Montenegro in March 2023 for using a fake passport.
Kwon’s arrest triggered competing extradition requests from prosecutors in Seoul and New York.
While the court ruling may be viewed as a victory for Kwon, as his lawyers have expressed a preference for him to be extradited to South Korea, some legal experts in the crypto industry have raised doubts about the decision.
Terrence Yang, a managing director at Swan Bitcoin and former counsel at Merrill Lynch, called the ruling “a travesty” and questioned the wisdom of sending Kwon to South Korea.
“The US probably has the largest number of victims by both number and dollar amount,” Yang said.
“It seems a bit ridiculous for the Montenegro court to extradite Do Kwon to South Korea, where he might get acquitted or a comically light sentence as opposed to the United States.”
The SEC has been pursuing a civil case against Terraform Labs and Kwon, linking their operations to an alleged $40 billion cryptocurrency fraud.
Previously, the SEC agreed to postpone Kwon’s trial to mid-March due to Kwon’s
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