Do Kwon wins on second try to appeal extradition

In December, after his extradition to the US was ordered and approved, Kwon appealed the decision in Montenegro court and initially won before the court reversed the decision

by Casey Wagner /

February 8, 2024 02:11 pm

July Ko/Shutterstock modified by Blockworks

Terraform Labs co-founder Do Kwon has successfully won a second appeal to avoid extradition to the US, according to a translated release from the appellate court of Montenegro published Thursday.

The update is the latest in the ongoing fight between the US, Montenegro, South Korea and Kwon’s team to determine where Montenegro authorities will send the disgraced founder. Kwon has been in custody in Montenegro since March 2023. South Korea and the US are seeking extradition.

After his extradition to the US was ordered and approved in December, Kwon appealed the decision in Montenegro court and initially won. The High Court of Podgorica then reversed Kwon’s win and ordered the extradition.

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The appellate court found “significant violations” with the High Court’s extradition order, Thursday’s release noted. The court also found that the order of the requests for extradition was not taken into consideration, suggesting that South Korea may have attempted extradition before the US.

Montenegrin authorities extradited Han Chang-joon, Terraform chief financial officer, to South Korea on Monday. Chang-joon does not currently face charges in the US.

In the US, the Securities and Exchange Commission’s trial against Kwon was slated to begin last month but was delayed until March due to the hold up in his extradition. Terraform Labs is a co-defendant in the case. US District Judge Jed Rakoff said there will be no further delays and the trail will proceed with or without Kwon present.

Rakoff noted in his postponement order that Kwon has indicated “that he has consented to his extradition.”

Kwon also faces eight criminal charges in the US, including alleged wire fraud and conspiracy. Under federal law, a criminal case could only proceed without Kwon if he knowingly and voluntarily waived his right to be present.

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