Do Kwon, the co-founder of the collapsed cryptocurrency firm Terraform Labs, will be extradited to the US to face federal fraud charges, as reported earlier by Bloomberg. The Montenegro Ministry of Justice announced the decision on Friday, which comes more than one year after the authorities arrested Kwon in the country.

South Korean cryptocurrency entrepreneur Do Kwon will be extradited to the United States from Montenegro over the collapse of two digital tokens - TerraUSD and Luna tokens.

Kwon’s company promised stability for TerraUSD, pegged to the US dollar, but the tokens entered a “death spiral” in 2022, destabilising global crypto markets and eroding investor confidence

Montenegro has approved the extradition of Do Kwon to the U.S over his involvement in the $40 billion collapse of Terraform Labs.

Montenegro said Friday it will extradite to the United States the South Korean cryptocurrency specialist Do Kwon, who is also wanted by Seoul for the multi-billion-dollar bankruptcy of his company, Terraform Labs.

SARAJEVO (Reuters) -Montenegrin Justice Minister Bojan Bozovic has ordered the extradition of Terraform Labs co-founder Do Kwon, also wanted by South Korea, to the United States, the ministry said on Friday.

Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States, the Balkan country's Justice Ministry said on Friday. Minister Bojan Bozovic has issued a deposition allowing the handover of Do Kwon,

Montenegro justice minister orders Kwon sent to U.S. rather than South Korea.