The Montenegrin Justice Ministry may decide whether Terraform Labs co-founder Do Kwon will be extradited to the United States or South Korea. The Montenegrin Supreme Court forwarded Kwon’s case to the Justice Minister, who ruled that the U.S. and South Korea met the conditions for his extradition.

The Terra ecosystem collapsed in 2022, marking the beginning of a series of bankruptcies that have affected crypto firms such as Celsius, FTX, and BlockFi. Kwon was arrested for using fake travel documents and sentenced to four months in prison. After his release, he remains in legal limbo.

In the U.S., a jury found Terraform Labs and Kwon responsible for defrauding investors. The company filed for bankruptcy protection in January and was approved to wind down its operations in September.

While Kwon’s extradition is pending, South Korean authorities have already indicted several people with ties to Terraform. Montenegrin authorities have approved the extradition of former Terraform Labs chief financial officer Han Chang-Joon to South Korea.

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