Montenegro’s justice minister has said he intends to extradite Terraform Labs’ fallen founder Have Kwon to the U.S., The Wall Avenue Journal reported, citing unnamed sources mindful of the topic.

Kwon faces extra than one criminal costs within the U.S., collectively with conspiracy to defraud, commodities fraud, securities fraud and wire fraud, along with civil costs. Terraform Labs collapsed in Could per chance moreover 2022 after its UST stablecoin terraUSD (UST), which change into purported to hold a $1 peg, began to trail and fell to 35 cents on Could per chance moreover 9. Terra’s associate LUNA token, which change into designed to stabilize UST, moreover imploded.

Montenegro’s justice minister, Andrej Milovic, has the last convey on where Kwon is extradited. Milovic is unlikely to lisp a last resolution till Montenegro courts rule on a last-ditch charm by Kwon in opposition to the court docket’s ruling to extradite him.

Kwon has been sitting in a jail cell within the Balkan country since March when Montenegro police arrested him in Montenegro’s capital metropolis of Podgorica. Nevertheless he has been the level of curiosity of a wrestling match between justice departments within the U.S. and South Korea, where he’s moreover being investigated.

Kwon change into found carrying falsified paperwork, tweeted Montenegro’s interior minister Filip Adžić in March. The Terra founder and an alleged accomplice, Terraform Labs’ CFO Han Chang Joon, were reportedly looking to board a plane to Dubai at Podgorica airport the utilization of forged Costa Rican and Belgian passports.

Learn More: Have Kwon Arrested in Montenegro, Faces Felony Prices From US Prosecutors

U.S. prosecutors brought a original location of costs in opposition to Kwon, hours after the news of his arrest. The Southern District of Unusual York filed criminal costs in opposition to Kwon for his characteristic within the give device of LUNA and terraUSD.

As per the indictment, he faces eight counts, collectively with wire fraud, commodities fraud, securities fraud, and conspiracy to defraud and engage in market manipulation. Final month, the U.S. Securities and Replace Commission (SEC) brought a civil lawsuit in opposition to Kwon, alleging he orchestrated a “multi-billion dollar crypto asset securities fraud.”

Kwon has time and again claimed that he’s “no longer on the hotfoot,” no topic South Korean authorities stripping him of his passport and Interpol issuing a red look to law enforcement worldwide, calling for his arrest.

In an episode of Unchained in Oct. 2022, Kwon outlined why he has been reluctant to convey his assign to the general public and talked relating to the occasions that unfolded at some level of the week of UST’s depegging.