Kwon Do-hyung Latest News

Arrest and Charges: Kwon Do-hyung, the founder of the cryptocurrency ecosystem Terraform Labs, was arrested in Montenegro on March 23, 2023. Subsequently, U.S. prosecutors charged him with fraud against cryptocurrency clients.

Court Ruling: On April 5, 2024, a U.S. jury ruled that Kwon Do-hyung and his company Terraform Labs were liable for securities fraud.

Settlement Agreement: On June 12, 2024, Terraform Labs and Kwon Do-hyung agreed to pay $4.5 billion in fines, pre-paid interest, and civil penalties to the U.S. Securities and Exchange Commission, reaching a settlement agreement. The agreement still requires approval from the New York judge overseeing the case and will permanently ban Kwon Do-hyung and Terraform Labs from trading cryptocurrency asset securities.

Current Status: Kwon Do-hyung is currently still detained in Montenegro, awaiting a decision on his extradition back to the U.S. or South Korea to face criminal charges related to his role in the collapse of Terra.