Montenegro's Justice Minister has ordered the extradition of Terraform Labs co-founder Do Kwon to the United States, fulfilling a request from US authorities. Kwon is wanted in both the US and South Korea for his alleged role in the collapse of TerraUSD, a stablecoin that caused billions of dollars in losses.
Montenegrin Justice Minister Bojan Bozovic has ordered the extradition of Terraform Labs co-founder Do Kwon , also wanted by South Korea, to the United States, the ministry said Friday. A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs , the company behind the stablecoin TrraUSD that collapsed in May 2022.
After the Supreme Court determined that all legal conditions were fulfilled to extradite Do Kwon, the justice ministry concluded that most legal criteria favored the US request so Bozovic signed a decree to send him to the United States, the ministry said in a statement.Kwon's lawyers said that Bozovic had declined to deliver his decision on their request, thus violating their client’s basic human rights, the right to defense and legal remedy, the Pobjeda newspaper reported. Kwon and his company Terraform Labs were sued by the Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have said caused about $40 billion of losses in crypto markets. Kwon (arrested in 2023) and his company Terraform Labs were sued by the Securities and Exchange Commission. He has denied wrongdoing.A stablecoin is a digital asset that aims to keep a stable price. Usually pegged to a currency, they are intended to be less volatile than other cryptocurrencies. The SEC said Terraform and Kwon deceived investors about the stability of TerraUSD and how a popular Korean mobile payment app used the Terraform blockchain to settle transactions
CRYPTOCURRENCY EXTRADAITION DO KWON TERRAFORM LABS SEC
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