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The High Court of Montenegro has ruled that Do Kwon, the founder of the defunct Terra cryptocurrency blockchain, will be extradited to the United States, where he faces charges of financial fraud, according to a local news source.
Kwon is confronted with eight counts from US prosecutors related to his role in the May 2022 downfall of the Terra ecosystem, which resulted in significant losses for investors.
He was apprehended in March 2023 at Podgorica Airport in Montenegro for possessing a counterfeit Costa Rican passport.
Following Kwon’s arrest, both the United States and South Korea, his country of origin, have sought his extradition.
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The US Securities and Exchange Commission (SEC) recently consented to postpone a trial involving Kwon and Terraform Labs.
This delay was intended to provide time for Kwon’s extradition to the United States.
In a civil lawsuit, the SEC alleges that Kwon and Terraform Labs engaged in a $40 billion cryptocurrency fraud.
According to the SEC, Kwon misled investors about the reliability of Terra’s algorithmic stablecoin, UST, among other issues.
The trial is scheduled to commence on March 25.
The post Terra Founder Do Kwon to be Extradited to the US, High Court Decides appeared first on Cryptonews.
