In a significant turn of events, a court in Montenegro has overturned the extradition order of Do Kwon, co-founder of Terraform Labs, to the United States or South Korea. The Podgorica-based Appeals Court made the decision, which cited procedural irregularities and lack of clarity in its ruling. 

The court’s decision came in response to an appeal filed by Do Kwon’s defense, which resulted in the case being sent back to the Supreme Court for reconsideration.

Do Kwon’s Extradition In Limbo

The appellate court’s ruling adds new uncertainty to extraditing Do Kwon. As reported by Bitcoinist, authorities last week extended Do Kwon’s extradition detention until mid-February, giving them time to decide whether he should be extradited to the United States or South Korea. 

The final decision on Kwon’s destination rests with Montenegro’s justice minister, as both countries have indicted him on charges related to the collapse of TerraUSD, an algorithmic stablecoin, in 2022.

The decision to cancel the extradition approval follows an appeal by Do Kwon just two weeks after the High Court’s initial ruling. The November 24 statement by the High Court had approved the extradition request from South Korea and the United States but left the final decision to the discretion of the Montenegrin Minister of Justice. 

Do Kwon’s appeal was rooted in his firm opposition to the court’s ruling, as he explicitly stated, “I do not accept the court’s decision to extradite me, so I do not submit to the court’s decision.”

Do Kwon, along with Han Chang-Joon, the former finance officer of Terraform Labs, was detained in late March while attempting to board a flight to Dubai at Podgorica airport, the capital of Montenegro. Do Kwon was subsequently charged with forging official documents. 

Notably, throughout the extradition trial, Kwon expressed a preference for being extradited to South Korea, a sentiment that was reiterated in the court’s press release.

As the case returns to the High Court for reconsideration, the fate of Do Kwon’s extradition remains uncertain. The Montenegrin Minister of Justice will ultimately decide on his destination, considering the arguments presented by both defense and prosecution. 

LUNC Recovers Lost Ground With 13% Surge

As a result of the ongoing legal developments surrounding Do Kwon, the LUNA Classic token (LUNC) has experienced a notable surge of 13% in recent hours. LUNC is the original Terra LUNA coin that emerged following the collapse of UST/Luna and the establishment of a new Terra Chain.

Following news of the potential approval of Do Kwon’s extradition to either the United States or South Korea, LUNC faced a significant decline on December 4. During that time, the token experienced a drop of over 30%, from 0.00027963 to $0.00014174. 

The 1-day chart shows LUNC’s price recovery over the past hours. Source: LUNCUSDT on TradingView.com

However, it has since rebounded and is currently trading at $0.00016717, reflecting a gain of 120% over the past 30 days and 21% year-to-date.

The outcome of Do Kwon’s case remains uncertain, and how it will impact the price of LUNC is yet to be seen. The resolution of this legal matter will likely have implications for the future trend of the token in the coming months.

Featured image from the BBC, chart from TradingView.com