Do Kwon, a South Korean crypto entrepreneur, has been released from prison in Montenegro while the Supreme Court weighs extradition requests from the United States and South Korea.
Kwon’s release on Saturday, March 23, came as the Supreme Court paused his extradition to South Korea, challenging a lower court’s decision.
Kwon faces allegations of fraud in both South Korea and the U.S. related to the collapse of Terra, causing a market value loss of around $60 billion in 2022.
Legal Proceedings Unfold
Prison director Darko Vukcevic explained that Kwon’s release was due to the end of his regular prison term for using fake travel documents. However, his fate remains uncertain pending further police proceedings.
The Council of the Supreme Court will review the case, considering whether to grant extradition to South Korea, where penalties are potentially less severe compared to the U.S.
Kwon’s lawyer, Goran Rodic, confirmed his release, but authorities are holding his passport to prevent him from leaving the country.
Temporary Shelter for Do Kwon
Do Kwon has been relocated to a shelter for foreigners, with plans to appeal for his continued freedom until an extradition ruling is reached.
The Supreme Court’s decision follows challenges from the Balkan nation’s chief prosecutor, citing procedural errors in the extradition process. However, no timeline for further court deliberations has been provided.
If extradited to the U.S., Kwon could face eight felony charges filed by prosecutors in March 2023.
Do Kwon was initially arrested in March 2023 in Montenegro for using falsified travel documents, alongside Terraform Labs’ former chief financial officer, Han Chang-joon.
While extradition requests from the U.S. and South Korea are pending, no final decision has been made regarding Kwon’s fate.
