A Montenegrin court rejected Do Kwon’s appeal to stop his extradition to South Korea.

A court in Montenegro has rejected an appeal to block the extradition of Terraform Labs co-founder Do Kwon to South Korea.

In the year In a March 20 announcement, Montenegro's appeals court said it had upheld the country's top court's decision to allow Kwon's extradition to South Korea, where he is a citizen. The Terraform Labs co-founder could face “multiple criminal convictions” if extradition goes forward.

“Deciding on the defendant's attorney's appeal, the Court of Appeals panel reviewed the trial court's finding that the request of the Republic of South Korea came earlier in the order of arrival than the request of the US,” the appeals court said.[It] It passed a decision allowing the extradition of the accused Do Kun to South Korea.

Montenegrin authorities arrested Kuo in March 2023 for using forged travel documents. Since then, he has remained in the country as the United States and South Korea make competing extradition requests for the Terraform co-founder.

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The criminal case against Kwon, who faces eight felony charges, may move forward even if he cannot appear in person. A Montenegrin court ordered Kwon's extradition to the US in February, but lawyers successfully appealed the decision in March, with South Korea taking the lead.

During Kwon's time at Terraform Labs, the company collapsed in May 2022, partially hosting tokens formerly known as TerraUSD (UST) and Terra (LUNA). The fall of the stage It contributed to the decline of the crypto market in 2022, during which many companies declared bankruptcy or otherwise collapsed.

It is unclear what legal means Kwon's lawyers have to fight his extradition to South Korea. Following the collapse of Terra, the country's government is imposing harsh penalties on criminals involved in crypto-related crimes.

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