Do Kwon to be extradited to South Korea after court reverses extradition to US

A court in Montenegro decided Thursday that Terraform Labs co-founder Do Kwon will be extradited to South Korea, according to local media . 

The move by the high court in Podgorica reverses a previous decision from another Montenegro court to extradite Do Kwon to the United States on Feb. 21, rejecting South Korea's bid to extradite the Terra LUNA +0.38% creator at the time. Kwon appealed his extradition to the U.S., in which his defense attorneys cited issues with the legal process, and the Montenegro Court of Appeals revoked his extradition to the U.S. on March 5, The Block previously reported. 

Earlier Thursday, South Korea's National Police agency sought the help of Interpol , the international law enforcement agency, to bring Kwon to the country from Montenegro, noting that South Korea requested his extradition before the U.S. 

Kwon faces fraud charges related to the collapse of the Terra ecosystem , where the algorithmic stablecoin TerraUSD crashed in May 2022 and caused the loss of $45 billion in market capitalization.