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According to a notice on Tuesday, Monetengro's Appeals Court rejected a decision to approve his extradition by the Montenegro high court.
Do Kwon was arrested and sentenced to prison in Montenegro on charges of possessing falsified official documents.
Sitting in a Montenegro jail cell since March, Do Kwon's fate has been fought over by both the US and South Korea who demand his extradition.
Last month, Montenegro Justice Minister Andrej Milovićplans reportedly said in private that he plans to extradite Do Kwon to the US to face fraud and securities-law charges related to the collapse of LUNA.
In November, the Podgorica High Court ruled that the legal conditions for Kwon's extradition had been met. The Appeals Court has instructed the case to be sent back to the Podgorica Basic Court for a retrial, rejecting the extradition decision because the judge failed to hear out Kwon.
Montenegro's Minister for Justice will have the final decision if the courts approve his extradition.
News of Do Kwon's win sent Terra Luna Classic (LUNC) up over 17%. LUNC is the initial Terra LUNA coin that surfaced following the downfall of UST/Luna and the formation of a fresh Terra Chain.
Currently priced at $0.0001589, the next-to-worthless cryptocurrency has essentially become a bet on the crypto villain. Yet, because of the crazy world of crypto, it's a bet degens continue to enjoy making.