The Montenegro Appeals Court has blocked the extradition of Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the collapse of Terraform Labs, which caused around $40 billion in investor losses and shook global crypto markets.
Both Seoul and Washington had sought Kwon’s extradition. However, the Appeals Court accepted the arguments of Kwon’s defense, overturning the High Court’s decision and sending the case back for retrial. Kwon, also known as Kwon Do-hyung, had been fleeing authorities since the 2022 crash of his company. This ruling could significantly impact the legal landscape for international financial crimes.
