TERRA FOUNDER DO KWON BEING EXTRADITED TO THE US
Montenegrin Justice Minister Bojan Bozović has approved the extradition of Terraform Labs founder Do Kwon to the United States. The decision comes after South Korea denied his extradition request.
Do Kwon faces multibillion-dollar fraud charges in connection with the May 2022 collapse of the TerraUSD and Luna cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) had accused Kwon and his company Terraform Labs of a “multibillion-dollar cryptocurrency securities fraud.”
Wanted by Interpol with a red notice, Kwon was arrested in Montenegro in March 2023 while trying to flee to Dubai with forged documents and sentenced to four months in prison in June 2023 for “possession of forged documents.”
Following the legal processes in Montenegro, Justice Minister Bozović ruled that the US extradition request met the legal criteria. Kwon's lawyers stated that they were not officially notified of the decision and that this situation was against legal procedures.
Do Kwon's extradition to the US caused a great impact in the cryptocurrency market. The collapse of the Terra ecosystem caused billions of dollars in losses for investors and caused trust issues in the cryptocurrency market. Kwon's extradition indicates that regulatory authorities may increase their scrutiny in the cryptocurrency world.#binance#escoin #elg
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