According to the report from Montenegro media “Pobjeda”, Do Kwon, co-founder of Terraform Labs, the developer of the Terra blockchain, will be extradited to the United States to face fraud charges related to the devastating losses caused to US investors by the algorithmic stablecoin TerraUSD (UST).
Reportedly, the Higher Court of Montenegro has decided to extradite Do Kwon to the United States, rejecting the extradition request from South Korea.
In March 2023, Kwon was arrested in Montenegro for attempting to leave the country with a forged passport. Subsequently, the court found him guilty of forgery and sentenced him to 4 months of imprisonment. At the end of last year, Kwon obtained approval from the local court, allowing him to be extradited to either South Korea or the United States.
Kwon is facing civil charges from the US Securities and Exchange Commission (SEC), which alleges that he and his company raised billions of dollars from investors through the offering and sale of a suite of interconnected cryptocurrency securities, many of which were conducted in unregistered transactions.
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