Montenegrin authorities extradited crypto entrepreneur Do Kwon to the US on Sunday to face fraud fees associated to the $40 billion collapse of the Terra ecosystem in 2022.
In keeping with 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 because the Might 2022 crash of his TerraUSD and Luna cryptocurrencies.
The extradition adopted the Montenegro Constitutional Courtroom’s rejection of Kwon’s closing enchantment.
“It was concluded that almost all of the factors prescribed by regulation 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 fees within the US, together with fraud and conspiracy. He additionally faces comparable fees 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 1000’s of traders with vital losses.
US prosecutors allege Kwon misled traders concerning the stability of his digital tokens. If convicted, he may probably face a long time in jail.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses chances are you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please word that The Each day Hodl participates in online marketing.
Featured Picture: Shutterstock/BOTCookie/WindAwake
