Do Kwon Will Be Extradited To The Us To Face Charges Over Terra’s $40 Billion Crypto Crash

Do Kwon, nan co-founder of nan collapsed cryptocurrency diligent Terraform Labs, will beryllium extradited to nan US to look nationalist fraud charges, arsenic reported earlier by Bloomberg. The Montenegro Ministry of Justice announced nan determination connected Friday, which comes overmuch than 1 twelvemonth aft nan authorities arrested Kwon successful nan country.

Kwon faces charges successful nan US and South Korea aft nan TerraUSD stablecoin and its sister token Luna collapsed successful 2022, causing investors to suffer $40 cardinal successful nan process. Both countries personification issued extradition requests for Kwon, and personification been awaiting Montenegro’s determination for months.

“It was concluded that astir of nan criteria provided for by norm support nan extradition petition of nan competent authorities of nan United States of America,” a machine-translated type of Montenegro’s Ministry of Justice’s relationship said. It doesn’t opportunity erstwhile Montenegro plans connected releasing Kwon to nan US. As noted by Bloomberg, it’s too unclear whether this determination is final, since Montenegro ruled to extradite Kwon to South Korea successful August.

Federal prosecutors successful New York charged Kwon pinch ligament fraud, commodities fraud, securities fraud, and conspiracy to defraud and prosecute successful marketplace manipulation past year. In June, Terraform Labs and Kwon agreed to salary overmuch than $4.5 cardinal to settee a abstracted suit from nan Securities and Exchange Commission.