PODGORICA — Montenegro’s highest judicial authority has nullified an extradition order concerning Do Kwon, a notable figure in the cryptocurrency sector, halting his transfer to South Korea where he faces serious legal challenges. This decision underscores a significant moment in the ongoing international legal saga surrounding the crypto entrepreneur.
According to Yonhap News Agency, the court overturned a previous ruling that sanctioned Kwon’s extradition, instructing a subordinate court to reassess the matter. The reversal follows a March 22 intervention by the nation’s apex prosecutorial body, which sought to scrutinize the legality of the extradition process’s underpinnings.
Do Kwon, a co-founder of Terraform Labs, has attracted legal attention across multiple jurisdictions, including South Korea and the United States, in the aftermath of a calamitous downturn in the value of TerraUSD and Luna digital currencies. These events in May 2022 precipitated a staggering loss, erasing an estimated 50 trillion won (around US$37 billion) from the market.
The decision by Montenegro’s top court introduces a new phase in Kwon’s legal journey, potentially delaying South Korea’s efforts to prosecute him for his alleged role in the financial disaster. As legal proceedings continue to unfold, the international community remains keenly observant of how this high-profile case intersects with broader issues of cryptocurrency regulation and accountability.
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