Montenegro Justice Minister Andrej Milovic has indicated plans to extradite Do Kwon, the beleaguered founder of Terraform Labs, to the United States, according to a recent report by The Wall Street Journal.  

This decision comes amid an international dispute over Kwon's custody, with both the U.S. and South Korea vying for his extradition.

Kwon, a South Korean national, has been incarcerated in Montenegro since March. He faces charges in the U.S. for fraud and violations of securities laws relating to the collapse of his cryptocurrencies, TerraUSD and Luna, which led to a staggering $40 billion market crash in May 2022.

A Montenegro court approved Kwon's extradition last month, leaving the final decision to Minister Milovic. The minister's decision is pending until Montenegro's courts reach a verdict on Kwon's recent appeal against the extradition ruling.

Kwon's legal troubles began when he was arrested in Podgorica in March along with Han Chang-joon, former finance officer of Terraform Labs. They were charged with using forged passports while attempting to board a flight to Dubai. Both were sentenced to four months in prison by a Montenegrin court.