Official announcements from US and South Korean authorities

Montenegro Extradites Do Kwon to US for Securities Fraud Charges Over $40B Terraform Labs Collapse

Dec 31, 2024, 01:02 PM

Montenegro has extradited South Korean cryptocurrency entrepreneur Do Kwon to the United States, where he faces securities fraud charges related to the collapse of his firm, Terraform Labs. The extradition, confirmed by Montenegro's interior ministry, follows a lengthy legal process and was facilitated with the help of Interpol. Kwon, who is also wanted by South Korea, was handed over to U.S. law enforcement and FBI agents. The charges against him stem from the multi-billion-dollar bankruptcy of Terraform Labs, which developed the TerraUSD and Luna cryptocurrencies. The collapse of these cryptocurrencies in May 2022 led to significant losses for investors, estimated at around $40 billion. Kwon had been detained in Montenegro since March 2023 after attempting to flee the country with a forged passport.