SHOCK IN THE CRYPTOCURRENCY WORLD: TERRA LUNA FOUNDER DO KWON IS BEING EXTRADED TO THE US
Montenegrin Justice Minister Bojan Božović has approved the extradition of Terraform Labs founder Do Kwon, developer of the Terra (LUNA) and TerraUSD cryptocurrencies, to the US. The decision comes after an ongoing legal battle between extradition requests from the US and South Korea.
Do Kwon was wanted on a red notice after causing billions of dollars in losses to investors with the collapse of the Terra ecosystem in May 2022. Kwon was arrested in Montenegro in March 2023 with forged documents and sentenced to four months in prison for possession of forged documents in June 2023.
The US accuses Kwon of “masterminding a multi-billion dollar cryptocurrency securities scam”. In South Korea, he is accused of fraud and violating capital markets law. The extradition requests, which were repeatedly discussed in the Supreme and Appeals courts in Montenegro, eventually resulted in a decision by Justice Minister Božović.
Do Kwon’s trial in the US indicates that regulatory oversight in the cryptocurrency markets may increase. This development draws the attention of investors and market players to the security and regulation of crypto assets.
Conclusion: Do Kwon’s extradition to the US indicates that regulatory oversight in the cryptocurrency world will increase. We are entering a period in which investors should pay more attention to market security and legal regulations.
