Disgraced Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon, is expected to face investigation and trial in the United States in connection with a massive cryptocurrency crash in 2022.

According to local dailies in Montenegro on Friday, the country's Justice Minister Bojan Bozovic signed an order for Kwon's extradition to the U.S., and not South Korea, where he is also wanted.

In a statement, the ministry explained its decision, noting factors such as the gravity of the alleged crimes, their location, the timing of the requests, and Kwon's nationality.
 
Earlier, Montenegro's Constitutional Court unanimously rejected Kwon's appeal against the Supreme Court's ruling in September that annulled a previous decision to extradite him to South Korea, leaving the final decision to the justice minister.

Following the ministry's order on Friday, Kwon's lawyers said their client cannot be extradited until they receive an official document explaining the ruling in a language that they can understand.

Kwon faces fraud and other charges related to the crash of TerraUSD and Luna coins, which wiped out about 40 billion U.S. dollars of investors' money.