The extradition of Do Kwon, the South Korean founder of the cryptocurrency Terra, who was arrested last week in Montenegro, was requested from Podgorica by the United States and South Korea.

“There was a meeting with (South) Korean diplomatic representatives, after which Korea submitted an extradition request,” Justice Minister Marko Kovacs told reporters, adding that “Do Kwon’s extradition was also requested by the US.”

Who is Do Quon?

Do Quon, 31, has been charged with fraud after the company he founded, Terraform Labs, collapsed last year. As a result, its investors lost around 40 billion dollars and caused turbulence in the cryptocurrency market.

He was arrested last Thursday at Podgorica airport along with the company’s chief financial officer, Hong Chang Jun.

According to the Montenegrin authorities, they were in possession of fake passports from Costa Rica and tried to board a flight to Dubai. Fake Belgian documents were also found in their luggage.

Last Friday, they were prosecuted by Montenegrin prosecutors for forging documents and ordered to be detained for 30 days, as they were suspected of absconding.

After Do Kwon’s arrest, South Korea vowed to formally request his extradition. The American judiciary, for its part, said that he has been prosecuted for eight charges, among which are those of stock market fraud.