Justice Minister Bojan Bozovic approved the extradition of Terraform Labs founder Do Kwon to the United States.

Signed by the Minister of Justice of Montenegro to request To extradite Do Kwon to US authorities instead of his homeland, South Korea, according to local media Vegesti.

The two governments investigated Kwon and fought for his extradition in connection with the $60 billion Terra-Luna fiasco.

In 2022, Kwon's Terra blockchain collapsed and wiped out a glut of over-leveraged cryptocurrency companies. The wave of bankruptcies has swept through companies like Three Arrows Capital, BlockFi, and even FTX.

Kwon fled as the recession in the cryptocurrency market worsened, and Interpol issued a red warrant for his arrest.

The Terraform co-founder reportedly hid in Serbia, crossed into Montenegro and attempted to travel to Dubai using fake passports.

Before Kwon and Han Changjun, a former chief financial officer at Terraform Labs, could board a private plane at Podgorica airport, police in Montenegro's capital arrested the couple.

They were jailed for four months while federal prosecutors in the United States and South Korea battled for extradition rights in the background.

decision wobble Between the two governments, several courts in Montenegro overturned extradition orders on multiple occasions. Goran Rudic, Do Kwon's lawyer in the Balkans, also repeatedly challenged the extradition orders. On December 25, the Constitutional Court of Montenegro rejected Kwon's latest appeal.

Kwon's company, Terraform Labs, agreed sunset Its actions and the largest settlement fine in the history of the Securities and Exchange Commission – $4.47 billion.

It is not clear whether Rudic will defy Minister Bozovic's order to extradite Kwon to US soil, where he will likely be tried for the Terra Collapse.

South Korean authorities also have an ongoing Terra case. If Kwon is convicted of violating local market rules, Kwon will receive a maximum penalty of 40 years in prison.