A Montenegrin appeals court has upheld a ruling by a lower court to hand over a South Korean mogul known as “the cryptocurrency king” to his native country.
FILE - Montenegrin police officers escort South Korean citizen, Terraform Labs founder Do Kwon, center, in Montenegro's capital Podgorica, March 23, 2024. A Montenegrin appeals court on Thursday, Aug. 1, upheld a ruling by a lower court to hand over the South Korean mogul known as the cryptocurrency king to his native country, rejecting a bid to extradite him to the United States.
Kwon and five others connected to Terraform had been wanted on allegations of fraud and financial crimes in relation to the implosion of its digital currencies in May 2022. TerraUSD was designed as a “stablecoin,” a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.
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