Do Kwon, former co-founder and CEO of the defunct cryptocurrency startup Terraform Labs, will be extradited from Montenegro to the United States to face federal fraud charges.

He was arrested in March 2023 at Montenegro’s Podgorica airport while trying to flee to Dubai, with uncertainty over whether Montenegro will extradite him to the US or South Korea.

Kwon faces legal action in the US and South Korea after the 2022 collapse of TerraUSD and Luna, which caused investor losses exceeding US$40 billion.