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South Korean national Hyeong Do Kwon - an entrepreneur known as the "cryptocurrency king" - will be extradited to South Korea, not the United States of America (US), the Court of Appeal of Montenegro announced on Wednesday, concluding a year-long court process to extradite him.
The Court of Appeal's final ruling on Wednesday upheld the Supreme Court's earlier decision to extradite Do Kwon to Seoul.
He was wanted by the US and South Korea for financial fraud involving cryptocurrencies.
He and his business partner, Chang Jun, were arrested in Montenegro on March 23, 2023, when they tried to travel to Dubai on a private flight using forged passports.
Kwon was sentenced to four months in prison for forging travel documents. His sentence ends on March 23. After that date, he can be extradited.
As his defense lawyer Goran Rodić explained to Radio Free Europe (REL), the second phase of the extradition procedure is now underway, with the Ministries of Justice and Police of Montenegro and South Korea agreeing on the date and conditions for the delivery of Do Kwon.
"We are satisfied with the decision of the Court of Appeal, which showed that the rule of law is respected, unlike other state bodies and institutions that participated in this extradition procedure", said defense lawyers Rodić and Marija Radulović.
Do Kwon preferred to be extradited to his own country. His business partner Chang Jun was also extradited to South Korea last month.
South Korean authorities accused him of fraud and capital market law violations, and the US Securities and Exchange Commission (SEC) accused him of orchestrating a multi-billion dollar crypto-asset securities scam. The trial of the American Commission's lawsuit is scheduled to begin on March 25./ REL
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