Prosecutors plan to request the extradition of Do Kwon, the fugitive co-founder of blockchain firm Terraform Labs, who was apprehended by authorities in Montenegro.

The Seoul Southern District Prosecutors' Office, which has been investigating the alleged violation of the capital markets law through cryptocurrency asset securities fraud, is expected to seek his extradition with the justice ministry.

On Friday, the South Korean police confirmed that two men detained in Montenegro are the 31-year-old fugitive businessman, whose legal name is Kwon Do-hyeong, and his aide.

With Kwon also facing charges in the U.S. on two counts each of securities fraud, wire fraud, commodities fraud and conspiracy, however, his destination is undetermined and will be decided by the authorities in Montenegro.

Kwon is accused of orchestrating a multi-billion-dollar cryptocurrency asset securities fraud, repeating false and misleading statements about the alleged fraud in interviews and on social media, and manipulating the price of his company’s stablecoin, TerraUSD.