The lawyer of the founder of Terraform Labs has filed a new appeal against the extradition decision to the United States: the latest details.
As reported by CoinDesk, Goran Rodic, Do Kwon’s lawyer, has once again filed an appeal against the decision of the High Court of Montenegro in Podgorica regarding his extradition. The lawyer communicated through an email:
“We appealed again and now we are waiting for a new decision of the Court of Appeal.”
Do Kwon is currently facing criminal charges both in the United States and in his native country, South Korea.
According to Rodic, the extradition decision ‘drastically goes against legal provisions, the European Convention on extradition, and the bilateral treaty with America regarding extradition.’ Rodic also stated that the Montenegro court is subject to political pressures that could harm Kwon.
The events following the collapse of Terraform Labs
In May 2022, the collapse of Terraform Labs resulted in the loss of approximately $50 billion, with a collapse in the value of the project’s two main assets, TerraUSD (UST) and Luna (LUNA).
Subsequently, Kwon was detained in Montenegro due to the use of falsified travel documents, leading to a four-month imprisonment sentence. At the request of the United States and South Korea, his detention period was extended by an additional two months, pending the Montenegro Supreme Court’s decision on the extradition request from both countries.
Currently, lawyer Rodic and Do Kwon are awaiting the decision from the Montenegro Court.
Meanwhile, last week, the founder of Terraform Labs officially requested a postponement of the SEC proceedings against him for market manipulation and fraud, citing a lengthier extradition process from Montenegro than anticipated by his legal team.
The charges from the two countries
Do Kwon has been charged with eight counts of fraud by federal prosecutors in the Southern District of New York, including ‘wire fraud, commodity fraud, securities fraud, and conspiracy to commit fraud and market manipulation.’ These charges could carry a maximum prison sentence of up to 10 years.
South Korean authorities accuse Kwon of various financial crimes, including ‘capital market fraud, issuance of unapproved financial investment contracts, and embezzlement.’ The charge of ‘capital market fraud’ could entail a maximum sentence of 40 years in prison.
