Cryptocurrency mogul Do Kwon has been extradited to the United States from Montenegro following a months-long legal battle. The founder of Terraform Labs was handed over to FBI agents at Podgorica Airport on December 31, 2024.
Do Kwon had faced extradition requests from both South Korea and the US, with courts in Montenegro overturning multiple rulings on the issue. He had been arrested in Montenegro in March 2023 while attempting to leave for Dubai with fake passports.
Kwon is charged with $40 billion worth of fraud related to Terraform Labs’ cryptocurrency collapse in May 2022. The collapse devastated retail investors worldwide and Kwon faces financial crimes charges alongside five others connected to the incident.
TerraUSD, a stablecoin pegged to assets like the dollar, experienced a $40 billion market value loss after its price plummeted below $1, erasing investor holdings.
Source: https://apnews.com/article/montenegro-cryptocurrency-mogul-do-kwon-6c094a497eac88ce30a9283d99ccefd6