Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States.

Montenegrin Justice Minister Bojan Bozovic has ordered the extradition of Terraform Labs co-founder Do Kwon, also wanted by South Korea, to the United States, the ministry said on Friday.

Kwon faces charges in the US and South Korea after the TerraUSD stablecoin and its sister token Luna crashed in 2022, causing investors to lose $40 billion in the process. Both countries have issued extradition requests for Kwon,

Montenegro will extradite to the United States South Korean cryptocurrency specialist Do Kwon, who is also wanted by Seoul for the multi-billion-dollar bankruptcy of his company, Terraform Labs, the Montenegrin Justice Ministry announced on Friday.

Kwon is the former CEO of a South Korean company behind TerraUSD, a crypto currency which collapsed in 2022. Read more at straitstimes.com.

Terraform Labs Pte. co-founder Do Kwon will be handed over to the US for prosecution, the government of Montenegro said, potentially ending a standoff over competing extradition demands by the US and Kwon’s native South Korea.

Montenegro has approved the extradition of Do Kwon to the U.S over his involvement in the $40 billion collapse of Terraform Labs.

Montenegro’s Constitutional Court has recently rejected an appeal by Korean cryptocurrency mogul Do Kwon against his extradition, as reported by Korea JoongAng Daily. This decision unanimously upheld an earlier court ruling,

Terraform Labs co-founder Do Kwon’s extradition to the United States has been approved by Montenegrin Minister of Justice Bojan Božović after Montenegro’s Constitutional Court dismissed the former executive’s appeal.