The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court docket in Montenegro approving his extradition to both South Korea or america.

The Excessive Court docket of Podgorica has decided the authorized necessities for Kwon’s extradition, in line with an official assertion posted on the court docket’s website on Nov. 24.

Because the court docket authorised Kwon’s extradition to both the U.S. or South Korea, the ultimate resolution on his extradition will probably be made by Montenegro’s minister of justice, the announcement notes.

Beforehand, a court docket in Montenegro sentenced Kwon to 4 months in jail after discovering him responsible of utilizing a solid passport to attempt to flee to Dubai by way of personal jet. In June 2023, Kwon was reportedly charged with making an attempt to depart the nation utilizing a pretend Costa Rican passport.

If the minister of justice permits the ultimate extradition of the defendant, the extradition will happen after the execution of the legal sanction introduced earlier than within the case of solid paperwork, the court docket assertion notes.

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Kwon was arrested in Montenegro in March 2023 for his position within the $40-billion collapse of the Terra ecosystem in Could 2022. As each the U.S. and South Korea subsequently requested Kwon’s extradition, some prosecutors instructed that the Terraform Labs co-founder may very well be topic to a number of sentences in each international locations.

Do Kwon was arrested for attempting to flee Montenegro utilizing pretend paperwork. Supply: Fortune

Within the U.S., Kwon is going through a fraud-related civil lawsuit from the Securities and Change Commission alongside a number of legal costs by the Justice Division over the collapse of TerraUSD and LUNA. If Kwon is extradited to South Korea, he may reportedly face a 40-year jail sentence within the nation, the place he allegedly dedicated most of his crimes.

Final week, Montenegro’s highest court docket reportedly denied Kwon’s enchantment, forcing him to stay imprisoned. In response to on-line studies, Kwon is at the moment being held at Spuž jail close to the Montenegrin capital of Podgorica, the place he’s allowed to go outdoors for one hour every day. European officers reportedly mentioned that the jail is cramped and poorly ventilated.

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