Do Kwon Released from Jail: Is He in the Clear After All?

• Do Kwon has completed his prison sentence in Montenegro.
• Extradition attempts for the former Terraform Labs CEO are still ongoing.
• Do Kwon has continued to evade authorities with sneaky tactics

Do Kwon , the co-founder and former CEO of the now-defunct Terraform Labs has been at the center of regulatory crosshairs over the past years, marked by the pursuit of the 2022 Terra collapse, which caused the industry a staggering $80 billion. 

In February 2023, Do Kwon was convicted in Montenegro, on charges of travel document forgery after spending nearly six months on the run from authorities. Subsequently, both the United States and South Korea initiated extradition proceedings for the crypto fugitive, all of which proved challenging, thanks to Kwon’s sneaky maneuvers.

Now, recent news of Kwon’s release have emerged, begging the question of what the discouraged crypto mogul’s freedom means.

What Does Do Kwon’s Release Mean?

According to a recent Bloomberg report , Do Kwon was released from the Montenegro prison on March 23, following the completion of his sentence for the term of his document forgery charges.

However, despite regaining his freedom, Kwon remains confiscated within Montenegro. According to the prison director Darko Vukcevic, Do Kwon’s travel documents have been confiscated and is currently held in confinement pending his extradition.

The Montenegrin Supreme Court is currently deliberating Kwon’s extradition to either South Korea of procedural grounds, following the repeated overturn of previous approvals.

Do Kwon: The Infamous Hide and Seek Champion

Prior to Do Kwon’s release, the tussle to extradite him between the United States and South Korea intensified, with each side contesting to secure the disgraced former CEO for the charging of laundry charges against him. 

However, Kwon, relentless in his efforts to evade authorities, continuously countered the legal efforts with a string of evasive tactics. Following the approval of his handover to the United States in November 2023, Do Kwon filed an appeal , scoring victory with the Podgorica  Appellate Court to overturn the approval.

Despite the failed attempt, efforts to extradite Kwon did not cease. Once again in December 2023, the United States secured another greenlight to take the former Terraform Lbas CEO. However, the government’s win was short-lived, as Do Kwon and his lawyers filed a second appeal, which again revoked the High Court’s decision .

Do Kwon’s most recent win was on March 5, when he argued against the flaws in the approval of his extradition to the United States by the Montenegro High Court. The victory has further prolonged the long-standing tussle that was thought to have reached conclusion, leaving the final destination of Kwon uncertain.

On the Flipside

• The SEC’s trial against Do Kwon will commence on March 29, 2024.
• A local South Korea-based Terra community is advocating against the potential extradition of Do Kwon to South Korea, asserting that justice for the 2022 Terra collapse will be better served in the United States.
• The Singaporean government was also in pursuit of Do Kwon, however, the government’s efforts have since subsided as the US and South Korea compete.

Why This Matters

While Do Kwon’s release from the Montenegro prison marks an end to his legal troubles in the country, it does signal the end to the disgraced founder’s broader regulatory woes and despite. Despite his partial freedom, the laundry of charges he faces in both the United States and South Korea persist, rendering his future uncertain.

Is Do Kwon fated to return to the United States or his homeland? Read here to find out more:

Do Kwon’s Extradition Escalates as US and South Korea Compete

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