A Montenegro court has approved the extradition of Terraform Labs co-founder Kwon Do-hyung, better known as Do Kwon, the key figure in the collapse of cryptocurrencies Terra and Luna last year.

The High Court in Podgorica ruled Friday, local time, that it deliberated on the extradition requests from Korea and the United States and found that Kwon's case satisfied the legal conditions for extradition.

The court also said Montenegro's justice ministry received Korea's extradition request first, explaining that Seoul's request came on March 29, while Washington's came on April 3.

Montenegro's justice minister will decide which country Kwon will be sent to after the disgraced former crypto king completes his four-month prison sentence for passport forgery.

Montenegrin Justice Minister Marko Kovač told reporters in March that he would decide Kwon's destination based on the severity of his crime, his nationality and the date of the extradition requests. He added that Kwon had agreed to his extradition to Korea.

The extradition approval comes eight months after Kwon's arrest in the Montenegrin capital of Podgorica for using a forged passport and a year and seven months after he fled Korea in the wake of the collapse of Terra and Luna, which resulted in global investor losses of nearly 40 billion U.S. dollars.