Montenegrin authorities extradited crypto entrepreneur Do Kwon to the US on Sunday to face fraud fees associated to the $40 billion collapse of the Terra ecosystem in 2022.
In response to a Reuters report, Kwon, who co-founded Terraform Labs, was arrested in Montenegro final March whereas trying to board a flight utilizing a pretend Costa Rican passport.
He had evaded authorities for the reason that Might 2022 crash of his TerraUSD and Luna cryptocurrencies.
The extradition adopted the Montenegro Constitutional Courtroom’s rejection of Kwon’s last attraction.
“It was concluded that almost all of the factors prescribed by regulation favor the extradition request from the competent authorities of the US of America.
Consequently, the Minister of Justice issued a call approving the extradition of Kwon Do Hyung to the US, whereas concurrently rejecting the extradition request from the Republic of Korea.”
Kwon faces a number of fees within the US, together with fraud and conspiracy. He additionally faces comparable fees in South Korea.
Kwon’s Terraform Labs created TerraUSD, a “stablecoin” designed to take care of a continuing $1 worth. Its collapse triggered a wider crypto market downturn and left hundreds of buyers with vital losses.
US prosecutors allege Kwon misled buyers concerning the stability of his digital tokens. If convicted, he may probably face a long time in jail.
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