Terra Founder Do Kwon to be Extradited to the US, High Court Decides

Montenegro’s High Court just decided that the founder of the failed Terra crypto blockchain Do Kwon will be extradited to the US, where he is being prosecuted for financial fraud, a local news outlet reported.

Kwon faces eight charges from US prosecutors over his involvement in the May 2022 collapse of the Terra ecosystem that cost investors billions.

He was arrested in March 2023 at Montenegro’s Podgorica Airport over the possession of a fake Costa Rican passport.

Since Kwon’s arrest, both the US and South Korea, his home nation, have requested his extradition.

The US SEC recently agreed to delay a trial against Kwon and Terraform Labs.

The motivation for the delay was to allow time for Do Kwon to be extradited to the US.

In a civil case, the agency is accusing Kwon and Terraform Labs of perpetrating a $40 billion crypto fraud.

As per the SEC, Kwon deceived investors regarding the stability of Terra’s algorithmic stablecoin UST, amongst other things.

The trial will start on the 25th of March.

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