South Korean cryptocurrency entrepreneur Do Kwon is set to be extradited to the United States from Montenegro. The decision follows a long-standing request by US authorities, alleging that Kwon’s actions led to the collapse of two digital tokens – TerraUSD and Luna – resulting in losses of over $40 billion.
The extradition marks an end to almost two years of court battles between the US, South Korea, and Montenegro. The Montenegrin government has approved Kwon’s extradition due to the “majority of the criteria prescribed by law favouring the request from the competent authorities of the United States”.
Kwon had initially fled Singapore after his business crashed but was arrested in March 2023 at Podgorica Airport while trying to board a flight. He later served four months in Montenegrin prison for forging official documents.
The US Securities and Exchange Commission (SEC) had previously charged Kwon with orchestrating a multi-billion dollar crypto asset securities fraud, alleging that he misled investors about the stability of TerraUSD. The SEC also claimed that Kwon repeatedly claimed that the tokens would increase in value.
Source: https://www.bbc.com/news/articles/cn7r8xr3v76o