The high court in Podgorica, Montenegro, has decided to extradite Terraform Labs co-founder Do Kwon to South Korea, overturning a previous ruling that favored the United States, according to a local media report. The reversal comes after a series of legal maneuvers and appeals that unfolded in recent weeks.

Initially, another Montenegro court had approved Do Kwon's extradition to the United States on February 21, dismissing South Korea's extradition request. 

However, Kwon and his defense team appealed the decision, citing procedural issues. The Montenegro Court of Appeals revoked the extradition to the U.S. on March 5, leading to this latest decision by the high court in Podgorica.

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Extradition Timeline and Potential Appeals

The extradition to South Korea could take place in the coming days unless Do Kwon's defense team or the High State Prosecutor’s Office in Podgorica file further appeals, according to Court spokeswoman Marija Rakovic.

Upon returning to South Korea, Do Kwon is set to face criminal charges related to the May 2022 collapse of Terra, his multibillion-dollar crypto enterprise. This collapse resulted in the algorithmic stablecoin TerraUSD crashing, leading to a staggering $45 billion loss in market capitalization.

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Past Evasions and Arrest

Following the collapse of Terra, Do Kwon managed to evade South Korean authorities until his arrest in Montenegro last year while attempting to travel with forged documents. Notably, he was apprehended alongside former Terra executive Han Chang-joon, who was extradited to South Korea in February.

In a parallel development, earlier today South Korea's National Police Agency sought Interpol's assistance to bring back Do Kwon. The agency sent a written letter and an electronic document to Interpol's General Secretariat. 

Simultaneously, South Korea's Ministry of Justice independently sought Interpol's help, emphasizing the country's determination to ensure Kwon's return.