Do Kwon, co-founder of Terraform Labs, is set to be extradited from Montenegro to South Korea after a ruling from the Montenegrin appellate court.

Kwon, known as 'the cryptocurrency king,' was arrested in Montenegro last year while attempting to flee to Dubai using fake passports.

The appellate court confirmed a previous decision by the High Court of Podgorica to extradite Kwon to South Korea, rejecting a U.S. extradition request.

The extradition process has faced delays and legal disputes, with Kwon previously contesting extradition to the U.S.

Multiple Montenegrin courts have ruled on Kwon's extradition, leading to a complex legal situation over the past months.

There is currently no motion to appeal the extradition ruling, which will expedite Kwon's repatriation to South Korea.

Kwon faces criminal fraud charges from the U.S. Department of Justice and multiple charges in South Korea, including fraud, bribery, and market manipulation.

He is wanted for financial crimes linked to the $40 billion collapse of Terraform Labs' cryptocurrency, which severely impacted retail investors globally.

A jury found Kwon and Terraform Labs liable for defrauding investors by misrepresenting the stability of TerraUSD, resulting in over $4.5 billion in penalties.

The collapse of TerraUSD, a stablecoin intended to maintain a $1 value, led to a loss of approximately $40 billion in market value, significantly affecting investors.

In June 2023, Terraform Labs reached a $4.47 billion settlement with the SEC, which included around $3.6 billion in disgorgement fines and other penalties.

Montenegro's Prime Minister Milojko Spajic has personal investments in Terraform Labs, adding complexity to the extradition process.