Kwon Do-hyung, the key figure in the 'Terra-Luna' cryptocurrency crash, has been extradited to the United States, not South Korea.

According to South Korea's Ministry of Justice on Tuesday, Montenegrin authorities handed over the fugitive, better known as Do Kwon, to the U.S. Department of Justice.

Kwon, a South Korean national, faces fraud and other charges related to the crash of the firm's TerraUSD and Luna coins in 2022, which resulted in investor losses exceeding 40 billion U.S. dollars.

Following Kwon's arrest in March 2023 in an airport in Montenegro, Seoul requested his extradition to South Korea, and the Montenegrin courts had initially ruled that the crypto mogul should be handed over to South Korean authorities.

However, the Supreme Court of Montenegro eventually ruled that its country's justice minister has the right to decide where to extradite Kwon, ultimately handing him over to the U.S.

A Justice Ministry official said the ministry will continue to work closely with U.S. authorities to make sure Kwon and others involved face punishment that fits their crimes in both countries.