Montenegrin authorities extradited crypto entrepreneur Do Kwon to the US on Sunday to face fraud prices associated to the $40 billion collapse of the Terra ecosystem in 2022.
Based on 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 faux Costa Rican passport.
He had evaded authorities because the Could 2022 crash of his TerraUSD and Luna cryptocurrencies.
The extradition adopted the Montenegro Constitutional Courtroom’s rejection of Kwon’s closing attraction.
“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 prices within the US, together with fraud and conspiracy. He additionally faces comparable prices 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 in regards to the stability of his digital tokens. If convicted, he may probably face a long time in jail.
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