Do Kwon, the co-founder of collapsed cryptocurrency startup Terraform Labs, shall be extradited from Montenegro to the U.S. to face federal fraud costs, as first reported by Bloomberg.
Kwon faces costs in each the U.S. and South Korea; Terraform Labs’ TerraUSD and Luna cryptocurrencies crashed in 2022, inflicting buyers to lose over $40 billion.
Terraform and Kwon have been discovered personally answerable for fraud following a civil trial on U.S. Securities and Exchange Commission allegations in April. Terraform agreed to pay $4.5 billion to settle the case with the SEC.
Kwon was arrested in March 2023 on the airport in Podgorica, the Montenegrin capital, whereas getting ready to board a flight to Dubai. It’s unclear when Montenegro plans on releasing Kwon to the U.S., and whether or not the federal government’s newest resolution supersedes its order in August to extradite Kwon to South Korea.
