Montenegro Court Of Appeal To Review Decision On Do Kwon's Extradition

The Montenegro Court of Appeal will have to review the extradition of Do Kwon, the disgraced co-founder and CEO of the blockchain firm Terraform Labs, after the crypto mogul lodged an appeal against the extradition decision of the High Court of Podgorica, a South Korean news outlet reported.

The Montenegrin Court of Appeal confirmed Wednesday that Kwon contested the decision of the Higher Court of Podgorica when he said that he did not accept the court's decision to extradite him, saying, "I do not submit to the court's decision."

Because of Kwon's appeal, the Ministry of Justice, the government agency tasked to decide which country the Terraform Labs' CEO would be extradited, is now facing the tough job of deciding where to repatriate the crypto mogul, which is scheduled to take place before Dec. 15.

Late last month, the Montenegrin High Court announced that it has "approved the extradition" of Kwon as requested by his home country South Korea and the U.S. where the crypto mogul was accused of several crimes related to the implosion of Terra.

"In the explanation of the aforementioned decision, it was pointed out that the fact that the defendant KDH gave his consent to be extradited to the competent authorities of the Republic of South Korea according to a shortened procedure," the court filing read.

"However, the High Court in Podgorica found that it should still be decided as in the wording of the respective decision, because in the specific case, it was on extradition to which several states have appealed, and that primacy is still regulated by the provisions of art. 22 of the Law on International Legal Assistance in Criminal Matters, when the Minister will decide which country has priority in case of possible extradition, from which it follows that the Minister of Justice of Montenegro will make the final decision on this matter," the court filing further stated.

It is not yet known where Kwon would be extradited, but based on the court filing, the Terraform Labs CEO has expressed his desire to be repatriated to his home country.

In the U.S. The Securities and Exchange Commission (SEC), along with several other government agencies and regulators, charged Kwon with eight criminal counts, including wire fraud, commodities fraud, securities fraud and conspiracy to defraud and engage in market manipulation.

U.S. prosecutors also charged him with orchestrating a years-long cryptocurrency fraud that wiped out at least $40 billion investment.

Kwon is currently serving his sentence in Montenegro for illegal possession of fake travel documents.