Do Kwon, co-founder of Terraform Labs, is reportedly set to be extradited to the United States instead of South Korea to face criminal charges. Montenegro’s Justice Minister plans to grant the U.S. officials’ request for extradition. Kwon, arrested in Montenegro in March for using falsified travel documents, has also been charged in the U.S. and South Korea for his alleged involvement in the collapse of Terraform Labs. If extradited to the U.S., Kwon faces charges including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation. The collapse of Terraform Labs in May 2022 triggered a cryptocurrency market downturn.