24/7 Cryptocurrency News

Do Kwon Faces South Korea Extradition After Court Ruling

Published

2 months ago

August 1, 2024

Do Kwon, the controversial co-founder of Terraform Labs, is facing imminent extradition to South Korea. This development comes after a series of legal battles and competing extradition requests from both South Korea and the United States.

The recent ruling by the Montenegro Appellate Court has set the stage for Kwon’s return to his home country, where he is likely to face serious charges related to the dramatic collapse of his crypto project.

Montenegro Court Ruling

The Montenegro Appellate Court has upheld a ruling that Do Kwon, co-founder of Terraform Labs, should be extradited to his home country of South Korea. This decision comes after a series of legal battles in Montenegro, where both the United States and South Korea have been vying for Kwon’s extradition.

The court has however made a ruling on Thursday rejected efforts to send Kwon to the United States, instead affirming that he should face justice in South Korea. This decision marks a crucial step in the ongoing saga surrounding the disgraced former crypto mogul, who has been at the center of controversy since the collapse of his cryptocurrency project.

According to the Podgorica-based court, there is no avenue for appeal against this decision. The ruling also upheld a previously issued fast-track extradition procedure, suggesting that the process may move forward swiftly.

In response to the court’s decision, his lawyer, Goran Rodic said that Montenegro will arrange the extradition with assistance from Interpol. Rodic expressed hope that the transfer would occur “as soon as possible,” indicating that Kwon’s legal team is prepared for the next steps in this international legal process.

Also Read: MicroStrategy Bitcoin Debt At Risk If Cash Flows Don’t Improve

Do Kwon’s Wife Wins Asset Seizure Case in South Korea

As regards related development, the Seoul Southern District Court has ruled in favor of Do Kwon’s wife in all third-party objection lawsuits against the South Korean government’s asset seizure efforts.

This ruling took place on June 19, representing a significant victory for Kwon’s family, as the court determined that the property in question should be classified as his wife’s special property, acquired during their marriage.

The assets at the center of this case include real estate in Seoul’s Seongsu-dong and officetel sales rights in Nonhyeon-dong. These properties were initially frozen as part of a substantial $177 million asset preservation order against Kwon. However, the court has now suspended the execution of foreclosure on these properties pending final confirmation of the judgment.

Also Read: European Central Bank Braces For Two More Rate Cuts, Is US Fed Next?