Kwon Do-hyeong (Do Kwon), CEO of Terraform Labs leaves a Montenegrin prison in March. /Reuters, Yonhap News

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The Constitutional Court of Montenegro has rejected the appeal filed by Kwon Do-hyeong, also known as Do Kwon, co-founder of cryptocurrency firm Terraform Labs and a key figure in the collapse of the TerraUSD (UST) stablecoin and its affiliated token, Luna. Currently undergoing extradition proceedings in Montenegro, Kwon had sought to challenge the process. Local media outlets Vijesti and Pobjeda reported on Dec. 24 that the court’s unanimous decision upheld the authority of Montenegro’s Minister of Justice to handle extradition matters.

The appeal questioned the legality of a Supreme Court of Montenegro ruling that nullified Kwon’s transfer to South Korea and delegated extradition authority to the justice minister. Kwon’s legal team argued that the decision was procedurally unfair. However, the Constitutional Court found no breach of his rights to a fair trial or family life.

This ruling clears the way for Montenegro’s Minister of Justice, Bojan Božović, to decide on Kwon’s extradition. According to local reports, authorities are more likely to favor extradition to the United States than to South Korea, with analysts suggesting that national interest considerations could influence the decision. Furthermore, Supreme State Prosecutor’s Office of Montenegro has twice objected to Kwon’s return to Seoul, reinforcing speculation of a potential U.S. transfer.

Kwon’s legal team is expected to take additional steps to block extradition to the United States, leaving the timeline for his transfer uncertain. Meanwhile, South Korea’s Ministry of Justice and its embassy in Serbia have reportedly urged Montenegro to avoid extended delays that could result in human rights concerns.

Kwon is accused of causing financial losses exceeding 50 trillion won ($34.26 billion) due to the Terra-Luna crash. After fleeing South Korea in 2022, he traveled through Singapore, the United Arab Emirates (UAE), and Serbia before being apprehended in Montenegro for attempting to use a forged passport. The extradition proceedings remain unresolved.

[Shim Min-gwan]

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