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Report: Terraform Labs CEO's Defense Vows Legal Battle to Avoid Extradition to US

Written: 2024-02-23 11:08:58Updated: 2024-02-23 11:09:33

Report: Terraform Labs CEO's Defense Vows Legal Battle to Avoid Extradition to US

Photo : YONHAP News

An attorney for Kwon Do-hyeong, the disgraced co-founder of cryptocurrency firm Terraform Labs, has reportedly said Kwon will continue the legal battle to avoid extradition to the United States after a court in Montenegro ruled he should be extradited to the U.S. on fraud charges. 

Goran Rodic, Kwon’s legal representative in Podgorica, reportedly told Bloomberg News on Thursday that he is convinced that the decision will not hold up in the Appellate Court and will fail just like the two previous attempts.

The remarks came a day after the High Court in the Montenegrin capital of Podgorica permitted the extradition of Kwon to the U.S., rejecting South Korea’s request for his extradition.

Rodic expressed intent to appeal to overturn the ruling, claiming the court failed to assess the facts of the case correctly, without elaborating further. 

If Kwon is extradited to the United States, he is expected to receive a heavy sentence. In South Korea, the maximum sentence for economic crimes is about 40 years, but experts say that he could be sentenced to over 100 years in prison for financial fraud in the U.S.

Kwon, the key figure in the crash of Terraform Labs and Luna coins in May 2022, had been fleeing in Singapore, Dubai and Serbia before being arrested at Podgorica airport in March last year for attempting to fly out of the country using fake passports. The crash is estimated to have caused investor losses of more than 50 trillion won, or 37 billion U.S. dollars, worldwide.

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