The disgraced co-founder of the Terra (LUNA) ecosystem is about to seem in a US courtroom right this moment after not too long ago being extradited from Montenegro.
In keeping with a brand new report by Reuters, Do Kwon is dealing with fraud costs within the US associated to the multibillion-dollar downfall of Terra in 2022 and can make his first courtroom look on the matter.
Kwon was initially arrested in March of 2023 within the Balkan nation after being caught making an attempt to board a flight to the United Arab Emirates with a pretend Costa Rican passport. He had been evading authorities for the reason that crash of Terra and its related property, TerraUSD and LUNA.
TerraUSD was an algorithmic “stablecoin” designed to mint extra LUNA if mandatory as a method of protecting its value pegged to $1. Nevertheless, the mechanism failed and left each property with extremely inflated provides, inflicting their costs to plummet.
After his arrest, two nations – the US and South Korea – wished him extradited to face felony costs. Nevertheless, final month the very best courtroom in Montenegro dominated that Kwon is to be extradited to the U.S. whereas rejecting South Korea’s request.
The courtroom additionally not too long ago turned away Kwon’s attraction on the matter, noting that he met all the standards to be extradited to the U.S.
Kwon is charged with two counts every of securities fraud, wire fraud, commodities fraud and conspiracy, in keeping with the report. He’s set to seem in a New York federal courtroom. If convicted on all counts, he faces many years behind bars.
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