Montenegrin authorities extradited crypto entrepreneur Do Kwon to the USA on Sunday to face fraud expenses associated to the $40 billion collapse of the Terra ecosystem in 2022.
In line with a Reuters report, Kwon, who co-founded Terraform Labs, was arrested in Montenegro final March whereas trying to board a flight utilizing a faux 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 remaining attraction.
“It was concluded that almost all of the standards prescribed by legislation favor the extradition request from the competent authorities of the USA of America.
Consequently, the Minister of Justice issued a choice approving the extradition of Kwon Do Hyung to the USA, whereas concurrently rejecting the extradition request from the Republic of Korea.”
Kwon faces a number of expenses within the US, together with fraud and conspiracy. He additionally faces related expenses in South Korea.
Kwon’s Terraform Labs created TerraUSD, a “stablecoin” designed to keep up a relentless $1 worth. Its collapse triggered a wider crypto market downturn and left hundreds of buyers with important losses.
US prosecutors allege Kwon misled buyers concerning the stability of his digital tokens. If convicted, he might doubtlessly face many years in jail.
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