In a case that has caught international attention, Montenegro's Justice Minister will have the final say on whether Kwon, who was arrested in March for possessing falsified documents at Podgorica's airport, should be extradited to the United States or South Korea.

According to official sources, Kwon is currently serving a four-month prison sentence in Montenegro for document forgery. The decision on his extradition will be made once he completes his sentence.

Kwon, who is facing several charges of fraud issued by U.S. federal prosecutors, is also under investigation in South Korea in connection with the collapse of terraUSD last year. The exact nature of the civil charges in the U.S. and the ongoing investigation in South Korea has not been disclosed.

Recently, the Montenegro High Court upheld the four-month prison sentence for Kwon and his associate Han Chang-Joon, who were both found guilty of document falsification. Their appeal was rejected, and the court deemed the sentence appropriate.

CoinDesk reported that once Kwon completes his prison term in Montenegro, he could potentially be extradited to either South Korea or the United States.

In a related development, Daniel Shin, co-founder of Terraform Labs, faced indictment in South Korea for violating capital markets laws. Prosecutors have frozen $185 million in assets connected to Shin's case.

The decision by Montenegro's Justice Minister becomes crucial as it will determine where Kwon will face the charges against him after serving his sentence. The outcome of this decision will have implications for both the U.S. and South Korean legal proceedings related to Kwon's alleged fraudulent activities.

As the case unfolds, authorities in both countries and the international community await the final decision of Montenegro's Justice Minister, which will shape the course of legal action against Kwon in the months to come.