Kwon Do, co-founder of Terraform Labs, remains in limbo as Milović, the justice minister of Montenegro, decides whether to appeal for his extradition. The highest court of Montenegro has already decided to move the decision from the Supreme Court and give it to the Ministers.
The defendant Kwon was arrested in March 2023 using fake travel documents. Both the US and South Korea have requested his extradition as a suspect in the fraud case that occurred when TerraUSD lost its peg in May 2022.
This ruling follows the Supreme Court’s decision to accept Kwon’s plea against the initial extradition ruling to South Korea. The legal defense for Kwon has not provided public information about potential appeals of the recent decision.
Kwon is now restricted to travel within Montenegro until the investigation is complete. The CFO of Terra, Han Chang-joon, was among those extradited to South Korea in February.
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