Terraform Labs’ Do Kwon Released Amid Extradition Deliberations

South Korean crypto figure Do Kwon has been freed from detention in Montenegro as the Supreme Court considers extradition requests from the United States and South Korea.

Kwon, co-founder of Terraform Labs, was released on Saturday, March 23, after the Supreme Court paused his extradition to South Korea.

He faces fraud allegations in both countries due to the collapse of Terra Luna, resulting in a $60 billion market value loss in 2022.

The decision to release Kwon was made by the Supreme Court’s Council and follows a challenge by Montenegro’s chief prosecutor, who cited procedural errors favoring South Korea’s request.

Kwon’s lawyer confirmed his release, stating that his passport was withheld to prevent him from leaving the country. He has been relocated to a shelter for foreigners, with plans to appeal for his continued freedom until an extradition ruling.

No specific timeline has been provided for further court deliberations after the announcement on Friday.

If extradited to the U.S., Kwon could face eight felony charges filed by prosecutors in March 2023. He was arrested in Montenegro in 2023 for using falsified travel documents with Terraform Labs’ former chief financial officer, Han Chang-joon.

Competing extradition requests from the U.S. and South Korea are pending a final decision.

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