Do Kwon Charged, Due in Montenegro Court for Extradition Hearing: AFP

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Terraform Labs founder Do Kwon has been charged with forgery in Montenegro and is due in court later Friday for extradition proceedings, according to a report by AFP.

The South Korean national has been on the run following the collapse of stablecoin terraUSD, which sent shockwaves through the crypto markets last year.

"A criminal complaint was filed against both persons for the criminal offence of document forgery," AFP cites Montenegro's police as saying Friday, a day after Kwon and a second person were arrested at Podgorica airport.

A court official said Kwon would appear in a Podgorica court later Friday, but it is unclear which country has issued the extradition request. Federal prosecutors in New York charged Kwon with fraud on Thursday hours after his arrest.

Read more: Do Kwon Now Faces Criminal Fraud Charges From U.S. Prosecutors