Montenegro Approves Extradition of Terraform Labs Co-Founder Do Kwon to U.S. for $40 Billion Fraud Charges

Dec 27, 2024, 04:20 PM

Montenegro's Justice Minister Bojan Bozović has approved the extradition of Do Kwon, co-founder of Terraform Labs, to the United States. This decision comes after a lengthy legal process, during which Kwon's extradition appeal was rejected. The Ministry of Justice stated that Kwon, who is also wanted in South Korea for his involvement in the $40 billion collapse of the TerraUSD stablecoin, will face multiple fraud charges in the U.S. The extradition marks a resolution to competing demands from both the U.S. and South Korea regarding Kwon's fate. The decision was confirmed by multiple sources, indicating that Kwon will be handed over to U.S. authorities for prosecution, particularly in relation to the financial fallout from the Terra-Luna incident.