Montenegro says it extradites Terraform Lab co-founder Do Kwon to US

Kwon was handed over to U.S. regulation enforcement officers and brokers of the Federal Bureau of Investigation at Podgorica airport, Montenegro’s inside ministry stated in an announcement.

Kwon denies wrongdoing.

The South Korean nationwide is the previous CEO of South Korea-based Terraform Labs, the corporate behind the TerraUSD, a “stablecoin” designed to keep up a relentless $1 value, which collapsed in May 2022, roiling cryptocurrency markets.

Kwon, who was arrested in March 2023 whereas making an attempt to depart Montenegro, can be wished by South Korea.

Last week, Montenegrin Justice Minister Bojan Bozovic ordered Kwon’s extradition to the United States after the Supreme Court dominated all authorized circumstances have been fulfilled.

The Justice Ministry stated it had concluded that the majority authorized standards favoured the U.S.’s request for extradition. His legal professionals stated that they had appealed in opposition to Bozovic’s choice on the Constitutional Court.

Kwon and his firm Terraform Labs have been sued by the U.S. Securities and Exchange Commission in February 2023 over the TerraUSD and Luna cryptocurrencies, which authorities have stated brought on about $40 billion of losses in crypto markets.

A stablecoin is a digital asset that goals to maintain a secure value. Usually pegged to a forex, they’re meant to be much less unstable than different cryptocurrencies.

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