WEB3
by BSC News
December 19, 2023
The decision, announced on December 14, overturns the previous ruling by the Podgorica High Court, citing a procedural error in the extradition process.
The Montenegro Court of Appeal has overturned the decision made by the Podgorica High Court to approve the extradition of Do Kwon, former CEO of Terraform Labs, to the United States or South Korea. In a statement released on December 14, the appellate court ruled the extradition approval was invalid due to a procedural error.
The court ruled that the investigating judge failed to follow legal requirements by failing to hear Kwon's defense of the U.S. extradition request during the hearing. Consequently, the court has ordered a retrial of the case, directing it back to the Podgorica Basic Court.
The High Court of Podgorica approved Kwon's extradition to Montenegro in November 2023, following the fulfillment of necessary legal conditions. According to reports, Montenegro's Justice Minister was inclined to extradite Do Kwon to the United States.
However, the latest ruling indicates that Kwon's defense effectively challenged the initial decision, leading to the nullification and retrial order. If the extradition is eventually sanctioned, the final verdict rests with the Minister for Justice in Montenegro.
The extradition requests from the United States and South Korea stem from criminal charges related to the collapse of Terraform Labs, Kwon's multibillion-dollar cryptocurrency company, in May 2022.
According to the Securities and Exchange Commission (SEC), Kwon and Terraform Labs orchestrated a fraudulent scheme that lost at least $40 billion in market value.
However, Kwon's legal issues in Montenegro extend beyond the extradition proceedings. The former Terra CEO has been arrested and sentenced to prison in the country on charges of possessing falsified official documents.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
May 14, 2024
Gamestop Parody Memecoin Crosses $100M Market Cap: What is $GME?
May 14, 2024
What is Maneki Memecoin?
May 14, 2024
Tornado Cash Founder Found Guilty and Sentenced to 64 Months in Prison
May 13, 2024
Binance Labs New Investment: What is Zest Protocol?
May 13, 2024
Japan’s Metaplanet Adopts Bitcoin as Reserve Asset Amid Yen's Decline
May 11, 2024
Weekly Article Recap: 5/06-5/10
May 10, 2024
IMF Urges Nigeria to License Crypto Exchanges for Enhanced Regulation
May 10, 2024
Ethereum Network Activity Cools Off: Will $ETH’s Price Go Any Farther This Month?