Terraform Labs’ Do Kwon Released Amid Extradition Deliberations

South Korean crypto figure Do Kwon has been freed from detention in Montenegro as the Supreme Court considers extradition requests from the United States and South Korea.

Kwon, co-founder of Terraform Labs, was released on Saturday, March 23, after the Supreme Court paused his extradition to South Korea.

He faces fraud allegations in both countries due to the collapse of Terra Luna, resulting in a $60 billion market value loss in 2022.

The decision to release Kwon was made by the Supreme Court’s Council and follows a challenge by Montenegro’s chief prosecutor, who cited procedural errors favoring South Korea’s request.

Kwon’s lawyer confirmed his release, stating that his passport was withheld to prevent him from leaving the country. He has been relocated to a shelter for foreigners, with plans to appeal for his continued freedom until an extradition ruling.

No specific timeline has been provided for further court deliberations after the announcement on Friday.

If extradited to the U.S., Kwon could face eight felony charges filed by prosecutors in March 2023. He was arrested in Montenegro in 2023 for using falsified travel documents with Terraform Labs’ former chief financial officer, Han Chang-joon.

Competing extradition requests from the U.S. and South Korea are pending a final decision.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.