According to the Montenegrin media “Pobjeda,” Do Kwon, the co-founder of Terraform Labs, the developer of the Terra blockchain, will be extradited to the United States to face fraud charges related to the devastating losses suffered by American investors in the algorithmic stablecoin TerraUSD (UST).
Reportedly, the High Court of Montenegro decided to extradite Do Kwon to the United States, rejecting the extradition request from South Korea.
In March 2023, Kwon was arrested in Montenegro for attempting to leave the country using a forged passport. Subsequently, the court found him guilty of document forgery and sentenced him to four months in prison. At the end of last year, Kwon obtained approval from the local court to be extradited to either South Korea or the United States.
Kwon is facing civil charges from the U.S. Securities and Exchange Commission (SEC), which alleges that he and his company raised billions of dollars from investors through the offering and sale of a suite of interrelated cryptographic asset securities, many of which were conducted in unregistered transactions.
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