Montenegro's Constitutional Court rejected the appeal filed by cryptocurrency tycoon Do Kwon, paving the way for a decision to extradite him to the United States or South Korea.

To Kwonfounder Terraform LabsHe lost his appeal to Montenegro's Constitutional Court, which he filed to reconsider its decision on his extradition, the Korea JoongAng Daily reported. I've learned. The ruling means that Kwon's case will now be decided by Montenegro's Minister of Justice, who will determine whether Kwon will be sent to the United States or South Korea to stand trial.

Kwon is wanted in both countries. In the United States, he faces charges related to the collapse of his algorithmic stablecoin TerraUSD (USTC) and color code (Luna), in May 2022. In South Korea, he is also facing legal problems. Kwon was arrested in Montenegro in March 2023, when he was trying to board a private flight to the UAE with false documents.

Do Kwon was a prominent figure in the world of cryptocurrencies, creating the Terra blockchain network with the promise of revolutionary algorithmic stablecoins. However, it all came crashing down in May 2022, just months after the cryptocurrency market peaked in late 2021, resulting in $60 billion in losses for both retail and institutional investors.

While the cryptocurrency industry was suffering from bankruptcies, Kwon fled the authorities. Companies like Three capital shares and FTX He went bankrupt due to a major liquidity crisis, while Kwon fled to Europe.
After an Interpol Red Notice and global attention, Kwon He was arrested In the capital of Montenegro, Podgorica.

Kwon Company, Terraform Labs, Agreed to a record $4.47 billion settlement with the US Securities and Exchange Commission after a jury found it guilty of defrauding cryptocurrency investors.