Montenegro's Constitutional Court has rejected Do Kwon's appeal, co-founder of Terraform Labs, regarding his extradition to South Korea.
Montenegro Court Decision
On December 24, local outlet Vijesti reported on the court's decision, affirming the authority of the South Korean Justice Minister over extradition matters, dismissing Kwon's efforts to contest this decision. The appeal was based on the Supreme Court's overturning of his move to hand the extradition decision to Justice Minister Bojan Bozovic, breaching his right to a fair trial. The court considered these claims unwarranted.
Arrest and Financial Losses
Kwon is accused of financial losses exceeding $34 billion in the Terra-Luna collapse. He was arrested in Montenegro after traveling through Singapore, the UAE, and Serbia using a fake passport. Regardless of the judgment, his legal team is expected to continue efforts to prevent his extradition to the U.S., where he faces multiple charges.
Future of the Company and Extradition Process
The company is under Chapter 11 bankruptcy protection and faces challenges in meeting its financial obligations. According to CEO Chris Amani, the company's assets are around $150 million. Although the exact extradition date is uncertain, the court's decision has notably reduced his legal options.
The extradition process for Do Kwon remains uncertain, but the Montenegrin court's decision limits some of his legal options. National interests may play a crucial role in the final decision.
