Do Kwon, the former CEO of Terraform Labs, is set to be extradited to either South Korea or the United States after receiving approval from a court in Podgorica, Montenegro.
Kwon was arrested in March while attempting to board a flight to Dubai with falsified documents from Costa Rica. At the time of his arrest, he was wanted in the U.S. on multiple charges of fraud for misleading investors, which included eight indictments related to wire fraud, securities fraud, commodities fraud, and conspiracy.
As reported by Coindesk, Kwon will serve a four-month prison sentence in Montenegro for document forgery before his extradition takes place.
This development comes during a month marked by significant legal actions in the cryptocurrency sector. Notably, Binance’s former CEO recently pleaded guilty to anti-money laundering violations and the company has agreed to a $4.3 billion settlement. Earlier this month, Sam Bankman-Fried was found guilty on seven counts related to the multi-billion dollar FTX fraud scheme.