Montenegro says it extradites Terraform Lab co-founder Do Kwon to US

Kwon was handed over to U.S. legislation enforcement officers and brokers of the Federal Bureau of Investigation at Podgorica airport, Montenegro’s inside ministry mentioned in an announcement.

Kwon denies wrongdoing.

The South Korean nationwide is the previous CEO of South Korea-based Terraform Labs, the corporate behind the TerraUSD, a “stablecoin” designed to take care of a relentless $1 worth, which collapsed in Could 2022, roiling cryptocurrency markets.

Kwon, who was arrested in March 2023 whereas making an attempt to go away Montenegro, can be wished by South Korea.

Final week, Montenegrin Justice Minister Bojan Bozovic ordered Kwon’s extradition to the US after the Supreme Courtroom dominated all authorized situations had been fulfilled.

The Justice Ministry mentioned it had concluded that almost all authorized standards favoured the U.S.’s request for extradition. His legal professionals mentioned they’d appealed towards Bozovic’s determination on the Constitutional Courtroom.

Kwon and his firm Terraform Labs had been sued by the U.S. Securities and Change Fee in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have mentioned brought about about $40 billion of losses in crypto markets.

A stablecoin is a digital asset that goals to maintain a steady worth. Normally pegged to a forex, they’re supposed to be much less risky than different cryptocurrencies.

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