An appeals court in Montenegro has upheld the decision to extradite Terra Labs founder, Do Kwon, back to his homeland, South Korea.

After an extensive legal battle involving requests from both South Korea and the United States, Montenegro's Appeals Court settled the matter by approving an earlier ruling by the High Court to extradite Kwon to South Korea. This decision marks the conclusion of a lengthy process of extradition, leaving Kwon with no further avenues for appeal.

“The court decision will be sent to the US authorities but it will not postpone the extradition. This decision is final, and the defendant will be extradited to South Korea,” Marija Rakovic, a spokesperson from the High Court, told DL News.

Initially, a Montenegrin court had decided to hand Kwon over to the United States. However, this ruling was later overturned in favor of South Korea. 

Kwon's lawyer in Montenegro, Goran Rodic, expressed satisfaction with the Appeals Court's decision, signaling the end of a long legal battle.

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Background on the Case

Kwon, aged 32, made headlines last year when he was arrested in Montenegro following a $40 billion crash of Terraform Labs’ cryptocurrency, which inflicted significant losses on retail investors globally. The arrest came amid allegations of fraud and financial crimes related to the collapse of Terraform's digital currencies in May 2022.

Both South Korea and the United States had sought Kwon's extradition, with the U.S. charging him with fraud. 

Kwon and another individual were apprehended while attempting to travel to Dubai using counterfeit Costa Rican passports. Kwon subsequently served a prison sentence in Montenegro for this offense.