Court Orders Terraform Labs Former CEO’s Extradition to US

According to a report from a local news outlet, the High Court in Montenegro has ruled that Do Kwon, the founder of the defunct Terra crypto blockchain, will be extradited to the US to face charges of crypto fraud.

This decision comes after Kwon’s involvement in the collapse of the Terra ecosystem in May 2022, which resulted in significant losses for investors.

Kwon, who was caught in possession of a fake passport at Montenegro’s Podgorica Airport in March 2023, had been facing competing extradition requests from the US and his home country, South Korea.

The US Securities and Exchange Commission (SEC) has also filed a civil case against Kwon and Terraform Labs, accusing them of perpetrating a $40 billion crypto fraud by misleading investors about the stability of the algorithmic stablecoin UST.

As a result of the extradition decision, the trial has been delayed until March 25th to allow for Kwon’s extradition process.