Terraform Labs co-founder Do Kwon, according to a recent ruling, is set to be released from jail and placed under house arrest, a decision made by the Montenegrin court system. This comes in the midst of an intricate legal issue involving extradition requests from South Korea, where Kwon is wanted in connection to the collapse of the TerraUSD stablecoin, which caused huge financial losses estimated at around $40 billion in 2022. 

As per Coingape’s earlier report, the Montenegrin Supreme Court has, however, postponed the extradition process of Kwon due to procedural mistakes and the overstepping of jurisdiction by the lower courts, hence postponing Kwon’s transfer to South Korea.

Do Kwon’s House Arrest and Travel Restrictions

Following the Supreme Court’s ruling, Do Kwon is scheduled to be released from the Spuz prison tomorrow and placed under house arrest. This choice involves strict terms that include confiscation of Kwon’s travel documents so that he cannot move outside Montenegro’s borders.

Courts in Podgorica have ordered that the seizure of Kwon’s passport, as an assurance of security, will actually prohibit him from leaving the country. This measure is designed to secure Kwon’s presence at ongoing legal proceedings but to do so in a way that respects what’s left of his freedom, considering the severity of the allegations.

Legal Complexities and Procedural Errors

The intervention of the Montenegrin Supreme Court revealed procedural inadequacies in the extradition procedure of Do Kwon. The council highlighted that the lower courts, by proceeding with a “shortened procedure” for extradition despite the presence of two separate applications, had overstepped their boundaries. 

This overstep essentially infringed upon the usual jurisdiction of the Minister of Justice, which led the Supreme Court to stay the extradition until more review could take place. 

Consequently, extradition suspension allows for additional legal consideration and analysis to be given, which ensures that any decision concerning Kwon’s future will be made in accordance with the principles of legality and justice. This phase will probably involve a comprehensive assessment of all the legal arguments and evidence submitted by the parties with a view to arriving at a resolution that is in accordance with national and international legal norms.

Read Also: Blackrock Shrugs Off Diversification into ‘Other Crypto Products’

The post Breaking: Do Kwon To Be Released From Jail, Travel Ban In Place appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am