- Montenegro has accomplished the extradition of Do Kwon, the founding father of collapsed crypto undertaking TerraUSD/Luna.
- Kwon was arrested in Montenegro in 2023 and unsuccessfully fought extradition to the US.
- He’s additionally needed in South Korea over Terra’s $40 billion crypto implosion in 2022.
Montenegro has finalized the extradition of Terraform Labs founder Do Kwon to the US, Montenegro Prime Minister Milojko Spajic has mentioned.
The extradition comes simply days after Montenegro’s Justice Minister Bojan Božović signed the extradition, with this approaching the again of the nation’s Constitutional Court docket rejecting Do Kwon’s enchantment.
Montenegro Prime Minister confirms Kwon extradition
“Today Montenegro completed the extradition of Do Kwon to the United States to face charges in the Terra/Luna case. Our nation welcomes innovation and legitimate crypto, AI and other tech entrepreneurs – but we have zero tolerance for fraud. This extradition demonstrates our unwavering commitment to international justice and the rule of law!” the Prime Minister mentioned.
Montenegro police arrested Kwon in 2023 whereas the Terraform Labs founder was on the run following the 2022 collapse of TerraUSD and Luna.
The collapse noticed over $40 billion price of worth worn out, heralding contagion that hit a number of different crypto initiatives and noticed tens of millions of customers lose cash.
After failing to push back the extradition, Kwon will now face expenses of fraud and others within the US.
In April 2024, Terraform and Kwon agreed to a $4.5 billion settlement with the Securities and Trade Fee.
