The Montenegrin Justice Minister has ordered the extradition of Terraform Labs co-founder Do Kwon, a South Korean national wanted by both his home country and the United States. The decision follows a Supreme Court ruling that deemed all necessary legal conditions fulfilled for extradition. Bozovic signed a decree to send Kwon to the US, rejecting a request from South Korea. Kwon faces U.S. criminal charges related to TerraUSD and Luna cryptocurrencies, which caused significant losses in crypto markets.
Kwon’s lawyers claim that Bozovic violated their client’s basic human rights by not delivering his decision on their request. The case involves allegations of deception by Terraform Labs regarding the stability of TerraUSD and its use in a Korean mobile payment app.
A stablecoin is a digital asset aiming to maintain a constant price, typically pegged to a currency. In this case, Kwon’s company is facing US Securities and Exchange Commission charges over alleged misrepresentations about TerraUSD’s stability.
Source: https://www.reuters.com/world/montenegro-orders-extradition-terraform-lab-co-founder-do-kwon-united-states-2024-12-27