In a significant legal development, the Appellate Court of Montenegro has overturned a previous decision that would have seen Terraform Labs co-founder Do Kwon extradited to the United States. The latest verdict, issued on March 5, 2024, nullifies the earlier approval for extradition, calling for a retrial and putting a pause on the international legal saga surrounding the cryptocurrency entrepreneur.
The appellate ruling highlighted substantial procedural violations in the initial extradition proceedings, particularly criticizing the first-degree court for its handling of the extradition requests and the relevant electronic communications. This decision injects new complexity into the case, which stems from the dramatic collapse of the Terra blockchain ecosystem in May 2022, wiping out about $40 billion in market value and leading to fraud charges against Kwon in the US and South Korea.
Despite the ongoing legal challenges, Kwon’s future regarding extradition remains uncertain as the case heads back to the first-degree court for further deliberation. This development is a crucial moment in the ongoing legal narrative of the Terra co-founder, whose legal troubles began with his arrest in Montenegro in March 2023 on charges of possessing falsified official documents.
As the legal proceedings continue, the cryptocurrency community watches closely, with Terra Luna Classic (LUNC) currently trading at $0.000250710.
