Official court records and announcements from the U.S. Department of Justice

Montenegro Extradites Do Kwon to US for Fraud Charges in $40 Billion Terraform Labs Collapse, South Korea Also Seeks Extradition

Dec 31, 2024, 12:38 PM

Montenegro has extradited South Korean cryptocurrency entrepreneur Do Kwon to the United States, where he faces fraud charges related to the collapse of Terraform Labs, which led to a $40 billion loss for investors. Kwon, who is also wanted by South Korea, was handed over to U.S. law enforcement and FBI agents. The extradition follows a legal battle that lasted over 18 months, with Montenegro's justice ministry approving the extradition in December. Kwon's firm, Terraform Labs, was responsible for the cryptocurrencies TerraUSD and Luna, which collapsed in May 2022, triggering a significant sell-off in the crypto market.