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Previously reported, the Court in Montenegro said on Friday, November 24, 2023 it had approved the extradition of cryptocurrency entrepreneur Do Kwon. However, it is not yet known whether Do Kwon will be extradited to South Korea or the United States (US), given that both countries want Kwon.

Reporting from Yahoo Finance, Monday (27/11/2023), Do Kwon, who was charged in the US with committing billions of dollars in fraud, and his associates were sentenced to four months in prison in June for using fake passports.

Police said after arresting them, they found fake Costa Rican passports, a separate set of Belgian passports, laptop computers and other devices in their luggage.

At a hearing in May, the defendants denied the charges brought by Montenegrin prosecutors. Kwon’s lawyer did not immediately respond to a request for comment when the U.S. indictment was announced, but a spokesman for the company he founded, Terraform Labs, said in July it would fight the misguided and deeply flawed U.S. charges.

The High Court in Montenegro's capital, Podgorica, said Friday Do Kwon had agreed to be extradited to South Korea under a shortened procedure, but the justice minister would make the final decision as many countries have requested his handover.

A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the TerraUSD stablecoin that collapsed in May 2022, rocking the cryptocurrency market.

He was detained in late March along with Han Chang-joon, a former Terraform Labs finance officer, as they tried to board a flight to Dubai from Podgorica.

Following Kwon's arrest, the US District Court in Manhattan announced eight indictments against him for securities fraud, wire fraud, commodities fraud and conspiracy.

The jury found Terraform Labs and its co-founders responsible for the collapse of the Terra ecosystem. The company will sell key projects in the Terra ecosystem.