Do Kwon, a South Korean cryptocurrency specialist wanted by Seoul over his firm’s multi-billion-dollar bankruptcy, was extradited to the United States on Tuesday. The decision came after Montenegrin Justice Minister Bojan Bozovic approved extradition in a previous ruling.
Kwon was accused of conspiracy to commit fraud related to Terraform Labs’ failure, which wiped out $40 billion of investors’ money and shook global crypto markets. His company’s stablecoin, TerraUSD, marketed as a “stablecoin” pegged to the US dollar, attracted billions in investments but collapsed in May 2022.
Kwon was arrested at Montenegrin airport in March 2023 on charges unrelated to his current case, while possessing a fake Costa Rican passport. He had been on the run for months before his arrest. His business partner, identified as J.C.H., was deported to South Korea earlier this year.
The extradition demonstrates Montenegro’s commitment to international justice and the rule of law. Kwon will now face “criminal proceedings in the US” related to the Terra/Luna case.
Source: https://fortune.com/2024/12/31/fugitive-crypto-king-do-kwon-extradited-fbi-terra-coin-collapse-south-korea-montenegro