Do Kwon's Extradition Twist: This Court Overturned A Ruling On Terra Labs Co-Founder

The Appellate Court at Podgorica in Montenegro has overturned a previous ruling by the High Court regarding Terra Labs LUNA/USD co-founder Do Kwon's potential extradition, citing issues in the legal process and a lack of clear reasoning.

This decision follows a complaint raised by Kwon's legal defense team, Bloomberg reported.

The Appellate Court's action effectively nullifies last month's High Court decision and returns the case to the High Court for further review.

This development comes in the wake of the authorities' decision last week to extend Kwon's detention until mid-February.
The extension is in anticipation of a final decision on whether to extradite him to the U.S. or South Korea.

Both the U.S. and South Korea have issued indictments against Kwon, linking him to the 2022 collapse of TerraUSD, an algorithmic stablecoin.

The final decision on Kwon's extradition destination rests with Montenegro's justice minister, who will consider the indictments from both countries in making the determination.

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Last week, the High Court in Podgorica prolonged the detention of Kwon by an additional two months, setting the new date until Feb. 15.

This extension is a response to extradition requests from both the U.S. and South Korea.

In these countries, Kwon is implicated in charges concerning the 2022 downfall of TerraUSD, an algorithmic stablecoin, as reported by Bloomberg.

Kwon is currently facing legal challenges in South Korea due to his involvement in the $60 billion crash of the digital assets he developed.

Additionally, he is being investigated by the U.S. Securities and Exchange Commission for alleged fraudulent activities.

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Image: Benzinga, Shutterstock