Montenegro's High Court has decided to extradite Terraform Labs co-founder Do Kwon to South Korea, not the United States.

Kwon is linked to a $40 billion cryptocurrency crash and is subject to international legal proceedings.

The decision underscores the increasing collaboration between international law enforcement agencies in cryptocurrency regulation.

South Korea's National Police Agency and Ministry of Justice are actively engaged in the extradition process with Interpol's support.

Terraform Labs Korea's CFO, Han Chang-jun, has been extradited to Korea and is currently facing trial.

The ruling on Kwon's extradition is still subject to appeal, with both South Korea and the US having filed requests for his extradition.

The crypto industry is observing the case with high interest due to its potential impact on global regulatory practices and investor protection.