(Bloomberg) -- Do Kwon will not be imminently extradited to either the US or South Korea after an appeals court in Montenegro annulled an earlier ruling.

The Podgorica-based Appellate Court said there were “significant breaches of criminal proceedings,” while the reasoning behind last month’s ruling to extradite the Terraform Labs co-founder was unclear, according to a website statement published Tuesday.

The decision means the case will be returned to the Montenegrin High Court for review.

The nation’s justice minister will ultimately decide on the destination as both the US and South Korea have indicted him on charges related to the 2022 implosion of TerraUSD. 

Goran Rodic, a lawyer representing Do Kwon and Han Chang-joon, who was Terraform Labs’s chief financial officer, declined to comment before receiving the full verdict from the Appellate Court. Kwon has previously rejected the allegations against him.

--With assistance from stacy-marie ishmael.

(Adds details of the appeals court ruling from second paragraph)

©2023 Bloomberg L.P.