Do Kwon's Extradition Delayed as US and South Korea Battle for Custody
Key Insights
Do Kwon's extradition to South Korea has been delayed again despite an initial "final decision" from last week.
The U.S. and South Korea continue to battle for custody, with South Korea being his preferred destination.
There is some ongoing controversy over the country being involved in political favouritism.
As it stands, the case is expected to drag on with no end in sight.
Do Kwon, the controversial co-founder of Terraform Labs, has his extradition from Montenegro delayed once again.
Despite what appeared to be a final decision to send him to South Korea, the case has been postponed again for the seventh time and counting.
The ongoing saga now has the country in the middle of both the U.S. and South Korea as both countries battle for the rights to bring the Terra founder to justice for the brutal $40 billion market crash in 2022.
A Prolonged Legal Battle
For some context, Kwon has been in custody within Montenegro since he was arrested for trying to travel to Dubai with a fake Costa Rican passport in March 2023.
This arrest marked the beginning of more than a year of court battles over where he should face justice.
Just last week, we had reports that the Montenegrin appellate court had settled the matter with a final decision to send Kwon to his home country of South Korea.
However, according to Vijesti, a local news outlet, this decision has now been overturned once again at the request of the country's Minister of Justice, Andrej Milović.
This delay now shows how deep the battle between South Korea and the U.S. is, with both countries looking to prosecute the defendant.
For some context to this legal battle, South Korea has lighter penalties for financial crimes, explaining Kwon’s preference for being sent there.
In fact, he actively fought and won the fight against extradition to the U.S. last year, even despite Montenegro’s diplomatic favour for the United States.
Is Montenegro Trying To Win Favour With the U.S.?
Several accusations have been made that the Montenegrin political and legal circle is attempting to win favour with the U.S. by sending Kwon over.
Some of these come from Goran Radić, Kwon's defence attorney.
Radić, according to Vijesti, called the country’s delays and seven court decisions “a judicial disgrace". He also alleged that Minister Milović had made an “illegal private promise” to send Kwon to the U.S. despite South Korea being the first to request for the defendant.
This is also connected to an earlier report from Bloomberg in June about Montenegro's Prime Minister, Milojko Spajic, being a “personal investor” in Terraform Labs.
This exposé raised questions about what might be going on and whether the country has a conflict of interest over where to send Kwon.
Overall, as Kwon remains in custody, there are no clear indications of what the future might hold or where he might be sent next.
The entire process could take years as the diplomatic tug of war rages and Terra investors continue to await justice.
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