Do Kwon to be extradited to South Korea instead of US in latest twist in legal saga

Do Kwon will be facing justice in South Korea instead of the US.

The High Court of Podgorica in Montenegro ruled Thursday that the Terra co-founder will be extradited to his native nation to face fraud charges, according to local media reports.

The development marks the latest twist in a case that has ping ponged between courts and ministers for the last year.

A brief reprieve

A court recently ruled that Kwon would be extradited to the US to face fraud charges in connection with the $60 billion collapse of the Terra blockchain network in May 2022.

Then last week, Kwon won a reprieve when an appellate court found “significant violations” in legal procedures in the case.

But now the High Court has cleared the way for Kwon to return to South Korea. Last year, Kwon was indicted by a US grand jury on multiple charges of fraud.

On Friday, Goran Rodic, Do Kwon’s lawyer, told DL News that his client is still weighing whether to appeal this latest ruling.

“When I study the court’s decision, as well as when the client receives it and reads it, we will see if there are grounds for an appeal,” Rodic said.

The Do Kwon case has been one of the most closely watched legal dramas in crypto.

After months on the run from Interpol and South Korean authorities, Do Kwon and his business associate Han Chang-joon were arrested in March 2023 as they were about to fly to Dubai from Podgorica Airport in the Montenegro capital.

Convicted of using a false Costa Rican passport, Kwon has been incarcerated in a prison while his extradition plays out.

Han was extradited to South Korea in February.

Hiding in Serbia

For months, the two men hid in neighbouring Serbia. DL News reported how they established a company there in October 2022. Han also bought the flat in the elite district of Belgrade, which was seized by the police after DL News’ reporting.

Initially, the Minister of Justice was set to decide to which country Kwon would be sent to. Following an appeal, the case was shifted to the courts.

Marija Rakovic, a High Court’s spokeswoman, did not reply immediately to DL News’ inquiry.

Ana Ćurić is a data journalist at DL News. Got a tip? Email her at ana@dlnews.com.