A prosecutor in Montenegro investigating allegations of passport forgery against blockchain firm Terraform Labs co-founder Kwon Do-hyeong has ruled out Kwon's extradition within the 30-day detention period.

In an interview with Yonhap News Agency on Monday, the prosecutor in charge of the case in Montenegro's capital city Podgorica said the goal is to carry out investigations and gather evidence within 30 days to indict Kwon.

Regarding competition between South Korea, the U.S. and Singapore to extradite the disgraced cryptocurrency firm boss, the prosecutor said the passport forgery case takes precedence.

Under Montenegrin law, people convicted of forging official documents face a sentence of a  minimum three months to a maximum five years in prison.

Kwon and his aide were arrested at the airport in Podgorica last Thursday while attempting to travel to Dubai with fake documents, resulting in his detention, which was extended past the basic 72-hour maximum by a local court upon the prosecution's request.