Terraform Labs' Co-founder Do Kwon Dodges US Extradition Once More

By: Eliza Bennet

The extradition of Do Kwon, Terraform Labs' Co-founder, which was planned by the United States, has once again been annulled by the Appellate Court of Montenegro. This verdict comes amidst Terraform Labs' concurrent legal spat with the US SEC due to its bankruptcy.

According to the Montenegro court, the priority of extradition or the choice of the country to which Kwon would be extradited, was one of the key arguments that led to the successful appeal. While the High Court in Podgorica had earlier ruled in favor of Kwon's extradition to the US based on the precedence of the US's request for extradition, the Appellate Court chose to challenge this decision.

These developments come as Kwon and Terraform Labs face trials within the jurisdiction of both South Korea and the US, with both nations seeking answers for Kwon's part in the collapse of Terra's UST stablecoin. This collapse led to a removal of more than $40 billion from the crypto industry. Additionally, Terraform Labs has also been at odds with the SEC over a $166 million payment made to law firm Dentons.