A court in the Balkan country of Montenegro has rejected the appeal of cryptocurrency firm Terraform Labs. Co founder Do Kwon to block his extradition to South Korea where he will face several criminal charges.

Do Kwon is going to South Korea to face fraud charges related to Terra Luna crash. A montenegro court rejected his lawyers appeal to not extradite him on Wednesday. The Terraform Labs co founder is sought by US authorities.

He faces fraud charges in South Korea related to The Terra Luna collapse which wiped out estimated $60 billion in 2022.

Both South Korea and US have petitioned for Kwon extradition.

Its official Montenegro authorities will extradite Terraform Labs co founder Do Kwon to South Korea.

The court decision will be sent to the US authorities but it will not postpone the extradition. This decision is ultimate and defendant will be extradited to South Korea.

Kwon lawyer said

” We are satisfied with the decision of the Appellate Court which show that principle of the rule of law is respected, unlike other state bodies that participated in this extradition procedure. ”

The US sought Kwon extradition for securities fraud and charges but Kwon lawyer appealed a court ruling to send him there.

Montenegro lawmakers determined South Korea request came first and ruled to send him to his home country.

Kwon was arrested last March on a tarmac in Montenegro for possession of fake Costa Rican passport.

Kwon pleaded not guilty to charges of attempting to travel with false documents but the court found the businessman guilty and sentenced him to 4 months in prison in Montenegro.