Do Kwon, co-founder of Terraform Labs, will reportedly be extradited to the United States to face fraud charges after being in Montenegro since his arrest in March 2023.

The High Court of Podgorica rejected a request to extradite Kwon to South Korea before the United States, following an appeal by Kwon’s legal team. They argued that Montenegro’s Justice Minister had the final authority to decide on the extradition, a claim the high court rejected.

Kwon’s travel arrangements to the United States are unclear at this time. After Terra’s collapse in May 2022, Kwon’s whereabouts were largely unknown until his arrest in March 2023 for using falsified travel documents. He was sentenced to four months in prison and has been involved in extradition proceedings while in custody.

Both U.S. and South Korean authorities have been vying to charge Kwon first with fraud related to his time at Terraform. The U.S. Attorney’s Office charged him with eight criminal counts shortly after his arrest in Montenegro.

The U.S. Securities and Exchange Commission also has a civil case against Kwon and Terra, with a trial scheduled for March 25. Both parties are accused of orchestrating a “multi-billion dollar crypto asset securities fraud” related to offering TerraUSD (UST) and Terra.