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Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.
According to a Reuters report, Kwon, who co-founded Terraform Labs, was arrested in Montenegro last March while attempting to board a flight using a fake Costa Rican passport.
He had evaded authorities since the May 2022 crash of his TerraUSD and Luna cryptocurrencies.
The extradition followed the Montenegro Constitutional Court’s rejection of Kwon’s final appeal.
“It was concluded that the majority of the criteria prescribed by law favor the extradition request from the competent authorities of the United States of America.
Consequently, the Minister of Justice issued a decision approving the extradition of Kwon Do Hyung to the United States, while simultaneously rejecting the extradition request from the Republic of Korea.”
Kwon faces multiple charges in the US, including fraud and conspiracy. He also faces similar charges in South Korea.
Kwon’s Terraform Labs created TerraUSD, a “stablecoin” designed to maintain a constant $1 value. Its collapse triggered a wider crypto market downturn and left thousands of investors with significant losses.
US prosecutors allege Kwon misled investors about the stability of his digital tokens. If convicted, he could potentially face decades in prison.
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