Montenegro Extradites Do Kwon to US for TerraUSD's $40 Billion Collapse, Handed to FBI

Dec 31, 2024, 03:54 PM

Montenegro has extradited Do Kwon, the co-founder of Terraform Labs, to the United States, where he faces charges related to the collapse of the TerraUSD cryptocurrency. Kwon, a South Korean national, was handed over to U.S. law enforcement and FBI agents at Podgorica airport with the assistance of Interpol. The extradition follows a legal battle involving competing requests from the U.S. and South Korea, with the U.S. ultimately prevailing. Kwon was arrested in Montenegro in March 2023 while attempting to leave the country with a fake passport. The collapse of TerraUSD in May 2022 resulted in approximately $40 billion in losses, significantly impacting global cryptocurrency markets. Terraform Labs and Kwon were found liable for fraud in a U.S. civil trial, leading to a $4.5 billion settlement with the SEC.