**Montenegro Court Approves Extradition of Cryptocurrency Entrepreneur Do Kwon**
*Sarajevo, Montenegro – The High Court in the Montenegrin capital Podgorica announced on Friday that it had approved the extradition of cryptocurrency entrepreneur Do Kwon. Kwon, who is wanted by both the United States and South Korea, is facing charges of a multibillion-dollar fraud in the U.S. and was sentenced to four months in prison in Montenegro for using forged passports.*
**Discovery of Forged Passports and Other Evidence**
*The charges against Kwon stem from the discovery of doctored Costa Rican passports, a separate set of Belgian passports, laptop computers, and other devices in his luggage after his arrest. Along with his ally, Kwon denied the charges pressed by the Montenegrin prosecutor at a hearing in May. His lawyers did not immediately respond to requests for comment when the U.S. charges were announced, but a spokesperson for the company he founded, Terraform Labs, said in July that it would fight the “misguided and deeply flawed” U.S. allegations.*
**Extradition Decision and Prison Sentence**
*The High Court announced that Kwon had agreed to be extradited to South Korea under an abbreviated procedure, but the final decision on his extradition will be made by the justice minister, as multiple states have requested his handover. The court also stated that the decision will be made after Kwon completes serving his prison sentence for document forgery. Kwon´s lawyer in Podgorica was not immediately available for comment.*
**Background and Arrest**
*Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. He was detained in late March along with Terraform Labs’ former finance officer, Han Chang-joon, as they tried to board a flight to Dubai from Podgorica. Following Kwon’s arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud, and conspiracy.*
**Bail Scrapped by Montenegrin Court**
*In late May, a Montenegrin court scrapped a bail of 800,000 euros for the pair, stating that it could not be taken as a solid guarantee, nor their promise they would not run away once released from detention. The final decision on Kwon’s extradition remains pending. (Reporting by Daria Sito-Sucic Editing by Mark Potter)*
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