US to Appeal Extradition Decision of Terraform Labs Founder to South Korea
Date: 2024-03-08 Author: Dima Zakharov Categories: IN WORLD
US Appeals Against Extradition Decision
The United States government is gearing up to contest the verdict regarding the extradition of Do Kwon, the founder of Terraform Labs, to South Korea. The move comes after the Supreme Court of Montenegro greenlit the transfer of Kwon to the mentioned country, where he faces accusations of fraudulent activities resulting in substantial losses.
Background of the Case
On March 7, 2024, it was disclosed that the Supreme Court of Montenegro had reached a decision to hand over the entrepreneur to the authorities of South Korea. This ruling entails a streamlined process for the extradition of the accused to South Korea for further legal proceedings.
The information regarding the verdict on Kwon's extradition was confirmed by his representing lawyer, Goran Rodich. He stated that Kwon would be handed over to the authorities of South Korea after March 23, 2024. However, the lawyer refrained from specifying whether the defense plans to appeal against this decision.
Meanwhile, the US government intends to challenge the court's verdict as it seeks to bring Kwon to face American law. The US Securities and Exchange Commission accuses the founder of Terraform Labs and his company of fraudulent activities resulting in billion-dollar losses.
In a statement issued by the US Department of Justice, it was asserted, "The United States continues to pursue Kwon's extradition in accordance with relevant international and bilateral agreements and Montenegro's legislation."
The extradition case of the entrepreneur to either American or South Korean authorities has been subjected to numerous judicial proceedings. In November 2023, the Supreme Court of Montenegro approved the extradition of the accused but delegated the decision on Kwon's extradition to a specific country to the Ministry of Justice of Montenegro.
Subsequently, this ruling was appealed by the defendant's lawyers, following which the higher authority overturned the verdict. After some time, it was announced that the entrepreneur would be handed over to US authorities. However, even this decision was successfully appealed by Kwon's defense.
Following these developments, the Supreme Court of Montenegro revisited the case once again and decreed to extradite the founder of Terraform Labs to South Korea.
It is worth noting that a former employee of Terraform Labs provided testimony against Daniel Shin and Do Kwon.
