Do Kwon, co-founder of collapsed cryptocurrency startup Terraform Labs, will first be extradited from Montenegro to the US to face federal fraud charges. reported. From Bloomberg
Kwon faces charges in the US and South Korea; Terraform Labs' TerraUSD and Luna cryptocurrencies crash in 2022 and investors lose more than $40 billion.
Terraform and Kwon were found personally liable for the fraud after a US Securities and Exchange Commission civil trial in April. Terraform It agreed to pay $4.5 billion to settle the case with the SEC.
Kwon was arrested in March 2023 at the airport in the Montenegrin capital Podgorica while preparing to board a flight to Dubai. Montenegro has no plans to extradite Kwon to the United States. It is unclear when the government's final decision will supersede its last decision in August to extradite Kwon to South Korea.