Milojko Spajic, Prime Minister of Montenegro, was revealed as an early investor in Terraform Labs, co-founded by Kwon Do-hyung (Do Kwon). A filing with the U.S. Securities and Exchange Commission (SEC) lists Spajic as the 16th investor in Terraform Labs, purchasing 750,000 luna coins at 10 cents each in April 2018. This revelation raises concerns […]
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Montenegro Court Blocks Do Kwon’s Extradition to South Korea
A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a billion loss and impacted global crypto markets. Both South Korea and the U.S. have sought his extradition on fraud […]
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Montenegro Court Halts Extradition of Terra’s Do Kwon to the US
In a pivotal legal reversal, Montenegro’s Court of Appeals has annulled the extradition of Terraform Labs co-founder Do Kwon to the United States, siding with his defense’s appeal and invalidating a prior High Court ruling from Feb. 20. Montenegro’s Appeal Court Blocks Do Kwon’s U.S. Extradition, Cites Legal Flaws This latest court decision underscores the […]
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Terraform Labs Founder Do Kwon Faces Extradition Delay in Montenegro Amid SEC Fraud Allegations
Do Kwon, the embattled former CEO of Terraform Labs, is currently stranded in Montenegro due to extradition delays, following accusations by the U.S. Securities and Exchange Commission (SEC) of conducting a massive fraudulent crypto scheme. Last year, the SEC charged that from April 2018 to May 2022, Terraform and Kwon’s operations resulted in at least […]
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Do Kwon’s Fate Sealed — Montenegro High Court Opts for US Extradition in Legal Tug-of-War
In a landmark decision, the High Court in Podgorica has ruled that the former Terraform Labs CEO, Do Kwon, will be extradited to the United States, sidelining South Korea’s request for his extradition. The court’s ruling comes after extensive deliberations on the legal and political implications of the extradition. Report Details Do Kwon’s U.S. Extradition […]
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Legal Twist Keeps Terraform Labs’ Co-Founder Do Kwon in Montenegro, Appeals Court Questions Extradition Grounds
Following the Montenegro Appeals Court’s decision to reject the extradition requests for Terraform Labs co-founder Do Kwon, the panel from the Appeals Court has nullified the latest decision by Podgorica’s High Court to extradite Kwon to either South Korea or the United States. This ruling implies that Kwon will remain in Montenegro, as the matter […]
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Former Terraform Labs Financial Officer Has Been Extradited to South Korea — Montenegro Police
Montenegro recently extradited the former Terraform Labs financial officer Han Chang-joon to South Korea where he faces fraud-related charges. According to the Montenegro police, the decision to extradite Han was made by the country’s Justice Ministry.
Han Faces Criminal Charges in South Korea
Han Chang-joon, the former financial officer of Terraform Labs, has been extradited to South Korea, the Montenegro police have said. The extradition comes almost a year after he and Terraform Labs co-founder Do Kwon were arrested while attempting to flee the country.
According to the police, the decision to transfer Han into South Korean custody was made by the Montenegro Justice Ministry. As previously reported by Bitcoin.com News, Han and Do Kwon were arrested after authorities found them in possession of counterfeit identity documents.
They were subsequently sentenced to four months in jail for the offence. Do Kwon later appealed the verdict, but a superior court reportedly rejected his appeal in November 2023.
Explaining the government’s decision to extradite the financial officer, the Montenegro police said:
Han [was extradited to allow South Korean authorities to initiate] criminal proceedings for several criminal offences related to fraud in financial investment services, investments and the capital market, which is punishable by life imprisonment in South Korea.
However, concerning the extradition of Do Kwon, who is wanted by both South Korean and U.S. authorities, the Terraform Labs co-founder’s lawyer said they were waiting for the court to make a ruling on another appeal.
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Montenegro Appeals Court Overturns Extradition of Terraform Labs Co-Founder Do Kwon
On Tuesday, Montenegro’s appeals court overturned the extradition request for Terraform Labs co-founder Do Kwon. This reversal follows reports that Justice Minister Andrej Milovic had informally agreed to the extradition.
Kwon to Remain in Montenegro, Decision Lies With Justice Minister
For the time being, Kwon is set to stay in Montenegro, as the Appeals Court Council, on Dec. 14, overturned the Higher Court in Podgorica’s decision to extradite him to the United States. The case has now been remanded to the lower court for a fresh evaluation and ruling.
The court’s decision to halt Kwon’s extradition was invalidated due to a violation of specific legal protocols as per the Montenegrin Criminal Procedure Code. Notably, the court exceeded its jurisdiction. In Montenegro, a court’s function in extradition matters is merely to verify the legal grounds for such a request.
However, the power to actually suspend or defer the extradition of the ex-CEO of Terraform Labs is not within the court’s remit. This responsibility is solely vested in the Minister of Justice, following the Montenegrin legislation on international legal assistance in criminal matters. Here, the appeals court made a decision beyond its legal capacity, necessitating the annulment.
Confronting significant legal challenges from both the U.S. and South Korea, Kwon has unwaveringly refuted all allegations of fraud. His charges, filed by the U.S. Securities and Exchange Commission (SEC) and South Korean financial authorities, include commodities fraud, securities fraud, wire fraud, and conspiracy to commit fraud and manipulate the market. The ultimate decision to approve or deny Kwon’s extradition lies with the Justice Minister.
What do you think about the appeals court decision concerning Do Kwon’s extradition request? Share your thoughts and opinions about this subject in the comments section below.
Report: Montenegro High Court Extends Do Kwon’s Detention by 2 Months
Do Kwon, the ex-CEO of Terraform Labs, is set to spend two months in Montenegro custody after the country’s High Court moved his release date to Feb. 15, 2024. While Do Kwon reportedly prefers being sent to South Korea, Montenegro’s justice minister is said to be leaning towards sending him to the United States.
Do Kwon Facing Multiple Extradition Requests
The High Court in Montenegro has extended the detention of Do Kwon, the founder and former CEO of Terraform Labs, by two months, according to a Bloomberg report. The court’s ruling followed extradition requests forwarded by the U.S. and South Korea.
Marija Rakovic, the Podgorica High Court’s spokeswoman, revealed on Dec. 12 that Do Kwon’s custody term is now set to end on Feb. 15, 2024. The decision to prolong the Terraform Labs founder’s term in custody comes just a few weeks after the High Court ruled in favor of his extradition.
As reported by Bitcoin.com News, Do Kwon had agreed to be extradited to his native country, South Korea. However, since there were multiple requests for his extradition, the Podgorica High Court ultimately deferred the decision to determine Do Kwon’s next destination to Montenegro’s Justice Minister.
However, a Wall Street Journal report on Dec. 7 citing unnamed sources said that the Justice Minister is leaning toward extraditing the ex-Terraform Labs CEO to the United States. Do Kwon’s legal representatives have reportedly appealed against the High Court’s extradition ruling. According to Rakovic, the appellate court, also located in Podgorica, is currently considering Do Kwon’s appeal.
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Terra’s Do Kwon Receives 4-Month Jail Sentence in Montenegro for Counterfeit Passport Usage
Montenegro’s court has determined that Do Kwon, the co-founder of Terraform Labs, is guilty of using a counterfeit Costa Rican passport. As a result, he has been sentenced to four months in jail for the offense.
Do Kwon Sentenced to 122 Days in Prison, Defendant Has 8 Days to Appeal
According to the Montenegrin court, Do Kwon, also known as Kwon Do-Hyung, has been convicted of possessing and attempting to use a counterfeit passport. The court’s announcement specifies that Kwon has been found guilty of the criminal offense of document forgery. Montenegrin law enforcement authorities will seize Kwon’s travel documents, which include a Costa Rican passport, a Belgian passport, and two other forms of identification.
The court has imposed a four-month jail sentence on Kwon, as stated in a translated court statement that mentions “all relevant circumstances were taken into consideration in determining the severity of the sentence.” Kwon has an eight-day window to lodge an appeal following the receipt of a written copy of the court’s judgment.
Kwon’s sentencing comes after the former executive of Terraform Labs was granted bail, with a set amount of 5,000. Nevertheless, the Montenegrin High Court unequivocally revoked the lower court’s bail ruling on May 24, 2023. Marija Rakovic, a court spokeswoman, directly relayed this official information to Bloomberg.
So far, Kwon has been incarcerated in Montenegro for a cumulative period of 88 days. Unless he files an appeal against the verdict, it is anticipated that he will serve an additional 122 days in jail. Reports indicate that Montenegro’s prisons are overcrowded and deemed distressing. Meanwhile, both South Korea and the United States are actively pursuing the establishment of an extradition treaty with Montenegro, aiming to bring Kwon to face charges in their respective countries.
What are your thoughts on the four-month jail sentence handed to the co-founder of Terraform Labs for using a counterfeit passport? Share your views and opinions about this subject in the comments section below.