Crypto Mogul Do Kwon Released from Montenegrin Prison Amid Extradition Deliberation

March 26, 2024

By Sharan Kaur Phillora

Montenegro has released Do Kwon, the embattled co-founder of Terraform Labs, from prison as the nation’s Supreme Court mulls over extradition requests from both the United States and South Korea.

Here’s what we know:

Kwon’s release on Saturday came after a significant court decision that put a hold on his extradition to South Korea, where he is wanted on allegations of fraud related to the spectacular crash of Terra Luna, which erased around $60 billion in market value in 2022, reported by DL News.

The prison’s director, Darko Vukcevic, said, “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended.” Following the end of his sentence for document falsification, Kwon was taken into the custody of the police directorate for foreigners due to his status as a non-resident and the seizure of his travel documents.

Kwon was apprehended a year ago while attempting to fly out of Montenegro using a forged Costa Rican passport, as reported by DL News. His capture and subsequent detention highlighted his attempts to evade legal proceedings concerning the Terra Luna debacle. Now, with his release, Kwon faces an uncertain future as the Supreme Court of Montenegro deliberates on his potential extradition.

The decision of whether Kwon will face trial in his native South Korea or the United States, where charges are also pending, remains in limbo with the Supreme Court offering no clear timeline for its resolution. This ongoing legal saga underscores the complex web of legal challenges faced by individuals at the intersection of international law and the burgeoning cryptocurrency sector.

Kwon’s case continues to attract global attention, reflecting the broader scrutiny of the volatile cryptocurrency market and the legal frameworks governing it. As the situation develops, the crypto community and legal observers alike are keenly watching the outcome, which could have far-reaching implications for international legal precedent in the digital age.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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