Do Kwon, the founder of Terraform Labs, will be extradited to face criminal charges in South Korea, as confirmed by the Montenegro appeals court.
This decision came after the court dismissed his appeal of the ruling.
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The US Department of Justice was adamantly pursuing Kwon's extradition to the United States, as he is embroiled in legal challenges there as well.
In the US, Kwon faces eight charges, including fraud and market manipulation linked to the $40 billion collapse of the Terra ecosystem. In South Korea, he is accused of fraud and violating capital markets law, with a looming 40-year prison sentence.
Previously, Kwon had overturned decisions that favored his extradition to the US by arguing the legal inadequacies of the extradition requests.
However, the appeals court's latest statement clarified that the South Korean extradition request had precedence due to its earlier arrival and met other required legal criteria, thus, his appeal was dismissed this time.
Goran Rodic, Kwon's legal representative, said this decision was definitive, closing the door on any further appeals by Kwon or the US.
Although a specific extradition timeline has not been established, the process is moving forward.
The decision concludes one chapter of Kwon's case, which started when he was arrested in Montenegro on March 23 for possessing fake travel documents. His path now leads to South Korea, marking a decisive turn in the international legal saga surrounding the Terraform Labs founder.
