Montenegrin authorities extradited crypto entrepreneur Do Kwon to the US on Sunday to face fraud costs 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 making an attempt 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 Court docket’s rejection of Kwon’s last enchantment.
“It was concluded that almost all of the standards prescribed by legislation 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 costs within the US, together with fraud and conspiracy. He additionally faces comparable costs in South Korea.
Kwon’s Terraform Labs created TerraUSD, a “stablecoin” designed to take care of a relentless $1 worth. Its collapse triggered a wider crypto market downturn and left hundreds of traders with vital losses.
US prosecutors allege Kwon misled traders in regards to the stability of his digital tokens. If convicted, he might doubtlessly face a long time in jail.
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