Disgraced Terra (LUNA) founder Do Kwon is set to be extradited to the US after losing an appeal in a Montenegrin high court. The decision was made after the Montenegrin Constitutional Court ruled that the conditions for his extradition have been met.
Do Kwon, the alleged mastermind behind the multibillion-dollar downfall of the Terra ecosystem in 2022, was initially arrested in Montenegro in March 2023 while trying to board a flight to Dubai using a fake Costa Rican passport. He is accused of orchestrating a Ponzi scheme involving the stablecoin TerraUSD, resulting in investors losing over $40 billion.
The collapse of TerraUSD occurred when the automated algorithm designed to maintain the stablecoin’s price malfunctioned, leading to a catastrophic loss of value. Following the Supreme Court’s ruling in February, Kwon will be extradited to the US to face pending charges related to the Ponzi scheme.
The Montenegrin Ministry of Justice confirmed the decision to extradite Kwon to the US, rejecting a similar request from South Korea. This move comes after careful consideration of the legal criteria favoring the extradition to the United States.
As the extradition process unfolds, the crypto community awaits further developments in this high-profile case. Stay updated with the latest news and alerts by subscribing to our platform and following us on social media channels. Don’t miss out on crucial updates and analysis surrounding this significant event in the crypto world.
(Image Source: Midjourney)