A decision by Montenegro's High Court to approve the extradition of Terra founder Do Kwon to the United States or South Korea has been rejected by the country's appeals court, a notice showed on Tuesday. The former CEO of Terra was arrested in Montenegro and jailed on charges of possessing forged official documents. The United States and South Korea have requested his extradition to face criminal charges related to the collapse of his multi-billion dollar crypto venture Terraform Labs in May 2022.
The Podgorica High Court ruled in November that the legal prerequisites for the right to extradition had been met. Tuesday's order showed Kwon's defense successfully appealed the decision. The Court of Appeal has ordered the case to be remanded to the Podgorica Lower Court for a retrial.
The appeals court rejected the extradition decision because the investigating judge failed to hear the defendant Kwon's statement on the U.S. extradition request - which is required by law.
If the court ultimately approves extradition, the country's attorney general will have the final say.