Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, where he faces charges of having deceived investors about the stability of the TerraUSD cryptocurrency and how an app used the Terraform blockchain.

Terraform Labs co-founder Do Kwon has pleaded not guilty to U.S. fraud charges after being extradited from Montenegro.

Montenegro on Tuesday extradited a South Korean mogul known as “the cryptocurrency king” to the United States, following a decision of its justice ministry earlier this month to accept a U.S. request,

Terraform Labs unsuccessfully fought the US indictment before filing for bankruptcy in the US in January 2024. Do Kwon agreed in June 2024 to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement Terraform reached with the US Securities and Exchange Commission.

Montenegro said on Tuesday it completed the extradition of crypto mogul Do Kwon to the United States, Prime Minister Milojko Spajic said.

Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States.

The South Korean co-founder of Terraform Labs had been on the run following fraud allegations over the cryptocurrencies he developed.