Market Data 
A legal ruling regarding the fate of crypto mogul Do Kwon’s extradition from Montenegro was returned to a lower court on April 5.
Montenegro’s Supreme Court said it had approved the protection of legality of a prior decision from a lower court approving Kwon’s extradition to South Korea.
Do Kwon Extradition Left To Montenegro Court
Both the United States and South Korea have filed competing claims for Kwon’s extradition, with Montenegro now juggling whose claim to prioritize. Kwon’s legal team is pushing for extradition to South Korea first, where analysts expect he’ll be given a lighter sentence.
Prosecutors claimed the appellate court had violated procedure by rejecting an appeal from Kwon’s legal team on the matter, and instead putting the decision in the Supreme Court’s hands.
The Supreme Court, however, said decisions of this sort are not its responsibility.
“In a situation where it is a matter of competing requests from two states for the extradition of the same person, and not a conflict of requests for the extradition of the same person, as found by the lower courts, the court’s obligation is to determine, in accordance with its powers, whether the legal conditions for extradition have been met the defendant in relation to each petition individually, after which the competent minister, not the court, decides on the permission and order of priority of extradition,” its Friday ruling stated.
The decision on Do Kwon’s extradition will now return to the High Court in Podgorica.
Kwon Found Guilty Of Fraud In Luna Crash
Kwon was first arrested in Montenegro in March 2023 for possession of falsified travel documents. Since his short arrest, he has been free to travel within the country until a decision is reached on his extradition case.
Both the United States and South Korea seek justice from Kwon for the disastrous collapse of the Terra network in May 2022, which saw $40 billion of investor value wiped out across its Terra (LUNA) and TerraUSD (UST) cryptocurrencies.
The U.S. Securities and Exchange Commission (SEC) also added Kwon to its long list of crypto firms that have allegedly defrauded investors by issuing unregistered securities. The SEC won the case on Friday, with a Manhatten jury finding Kwon and his company had misled investors about the network, including its alleged adoption as a payments technology.
BREAKING: DO KWON AND TERRAFORM LABS FOUND LIABLE FOR FRAUD IN OFFICIAL UNANIMOUS JURY VERDICT pic.twitter.com/Rm3eUACo7b
— Coinage (@coinage_media) April 5, 2024
“We are very disappointed with the verdict,” said a Terraform Labs spokesperson in a statement. “We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps.”
