Montenegro's high court has given the nod for the potential extradition of former Terra Chief Do Kwon to the US or South Korea. Kwon finds himself entangled in a web of fraud charges from both the United States and South Korea. 

The high court's decision doesn't conclude the legal proceedings. It is up to the Montenegrin Justice Minister to decide where Kwon should be extradited.

The court emphasized that this decision will come after Kwon serves his stipulated four-month prison sentence in Montenegro for document forgery.

It all began when Kwon was arrested in March at Montenegro's Podgorica airport for carrying falsified documents, including a passport. Kwon asserted that he was unaware the passport was fraudulent. Adding another layer to the intrigue, a Belgian passport with a different name and date of birth was reportedly found in Kwon's possession.

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U.S. Federal Prosecutors and Civil Charges

Post-arrest in Montenegro, Kwon's legal challenges escalated as U.S. federal prosecutors levied multiple counts of fraud against him. Simultaneously, civil charges in the U.S. and an ongoing investigation in South Korea, particularly related to the terraUSD collapse in the preceding year, amplified the legal complexities surrounding the former head of the Terra-Luna ecosystem.

Fast-forward to recent developments, the Montenegro High Court upheld the four-month prison sentence for Kwon and his associate Han Chang-Joon, specifically for document falsification. 

The co-founder of Terraform Labs, Daniel Shin, also faced legal pressure in South Korea. In April, Shin was indicted for violations of capital markets laws, with authorities freezing $185 million in assets connected to the case.