Terra founder Do Kwon’s extradition has been approved by a court in Montenegro’s capital Podgorica—though a final decision has yet to be made on whether he will be extradited to the U.S. or South Korea.

According to an update posted on the Courts of Montenegro website, Kwon’s extradition will proceed pending a final decision by the country’s Minister of Justice, who will decide which country has priority. Prior to his extradition, Do Kwon will first serve his four-month sentence in Montenegro for document forgery.

Do Kwon has been caught in a jurisdictional battle between his native South Korea and the United States, following his arrest in Montenegro for attempting to travel on a fake passport earlier this year.

The Terra co-founder is under indictment following the 2022 collapse of Terra’s algorithmic stablecoin TerraUSD (TUSD) and its native cryptocurrency Luna, which wiped nearly $40 billion from the crypto market and sparked off a months-long bear market.

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Author: Stephen Graves

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