Terra cryptocurrency platform founder Do Kwon has been released from detention in Montenegro while awaiting the Supreme Court's decision on extradition requests from South Korea and the United States. Kwon's release on March 23 followed the suspension of a lower court ruling advocating for his extradition, as reported by Bloomberg.

Kwon faces scrutiny for alleged fraudulent activities in both South Korea and the U.S., linked to the collapse of Terra Luna, resulting in a nearly $60 billion market value loss last year. The Supreme Court Council's decision led to his release, with his passport confiscated and movement restricted within Montenegro. Kwon's lawyer, Goran Rodic, plans to request his client's continued freedom until a final extradition ruling.

The Supreme Court's decision was prompted by identified procedural errors in supporting South Korea's extradition request. However, the timeline for a definitive decision post the announcement remains unclear. If extradited to the U.S., Kwon could face eight felony charges filed by prosecutors in March 2023.

Kwon was previously detained in Montenegro in March 2023 for alleged use of counterfeit travel documentation, along with Terraform Labs' former CFO Han Chang-joon. Competing extradition requests from both the U.S. and South Korea await a conclusive decision.