According to a statement on the judiciary’s website, a court in Podgorica, the capital of Montenegro, has authorised the extradition of Terra founder Do Kwon to either South Korea or the US.
Kwon was detained in the nation in March after being discovered in the airport of Podgorica in possession of forged documents. According to the statement, Kwon will serve a four-month prison sentence for document forgery in Montenegro before the Montenegrin Justice Minister makes the final decision regarding extradition.
In addition to ongoing civil charges in the United States and an ongoing investigation in South Korea concerning the collapse of terraUSD last year, Kwon is facing multiple counts of fraud following his arrest in Montenegro, according to federal prosecutors in the United States.
Kwon and his associate Han Chang-Joon were sentenced to four months in prison for falsifying documents. The Montenegro High Court rejected their appeal and upheld the appropriateness of the sentence earlier this month. Kwon may be extradited to South Korea or the United States after serving his time in Montenegro.
Prosecutors in South Korea filed an April indictment against co-founder of Terraform Labs Daniel Shin for violating capital markets laws, leading to the freezing of $185 million in assets. For his part, Shin denied involvement in the company’s collapse, saying he left two years prior.