Crypto Founder Behind $40 Billion Disaster to Be Extradited to US
12/27/2024 23:24
Both the US and South Korea were seeking Kwon's extradition
Both the US and South Korea were seeking Kwon's extradition
According to Agence France Presse, Montenegro is set to extradite South Korean cryptocurrency entrepreneur Do Kwon to the U.S.
Minister of Justice Bojan Bozovic greenlit the extradition earlier this Friday, according to the report.
The astonishing implosion of the Terra network, which took place in May 2022, has resulted in roughly $40 billion worth of losses for investors, according to various sources.
The SEC later sued Terraform Labs and Kwon, claiming that they were deceiving investors about the infamous TerraUSD stablecoin. The regulator brought civil fraud charges against
A jury then found Terraform Labs and Kwon liable, siding with the SEC in April.
Kwon has also been slapped with criminal charges in both the US and his native South Korea. Both countries had been seeking Kwon's extradition, but Montenegro ultimately decided that the US would be a preferable option due to most of the criteria prescribed by law.
In September, Terraform Labs obtained approval for its bankruptcy plan.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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