The Appellate Court of Montenegro has revoked the extradition approval for Do Kwon, the founder of Terraform Labs, following an appeal by his defense attorneys. The court cited procedural irregularities in the legal process as the basis for its decision, raising questions about the extradition requests from the United States and South Korea.

Kwon’s detention has been extended until mid-February, as reported by Bloomberg last week. The nullification of the extradition decision was based on a significant violation of the Criminal Procedure Code, with the court emphasizing the lack of clear reasons and facts in the November 17 decision.

While the South Korean extradition request appeared to follow proper procedures, the court highlighted procedural shortcomings in the handling of the US extradition request. The investigating judge failed to adequately inform Kwon of the reasons and evidence for the US request, violating legal requirements.

As a result, the case has been remanded to the initial court for retrial. Kwon faces extradition for charges related to financial crimes in the US and South Korea, stemming from the collapse of the Terra ecosystem in May 2022, which resulted in a $40 billion loss in the market.

Kwon and Terraform Labs’ CFO Han Chang-Joon were apprehended in Montenegro last March after evading authorities in Asia and Europe. The extradition process has been tumultuous, with Kwon’s initial arrest for attempting to use falsified passports, subsequent imprisonment, and legal battles culminating in the recent Appellate Court decision.

This latest development adds another layer of complexity to Kwon’s legal predicament, leaving the global cryptocurrency community eagerly awaiting the outcome of the retrial in Montenegro.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇺🇸 🇲🇪
Sentiment	neutral
Relevance Score	1
People	Do Kwon
Companies	Appellate Court of Montenegro, Terraform Labs
Currencies	US Dollar, South Korean Won
Securities	None