news 
Crypto Founder Behind $40 Billion Disaster to Be Extradited to the US
In a recent development, Do Kwon, the co-founder of Terraform Labs, has been ordered to be extradited to the United States. This comes after a jury found him and his company liable for the collapse of the Terra ecosystem, which led to massive losses totaling $40 billion.
The news follows a ruling by Montenegro’s court system, which determined that Kwon would face more severe punishment in the US compared to South Korea. The decision was made based on criteria prescribed by law, with the majority pointing towards the US as the preferable option for extradition.
Kwon had been seeking refuge in Montenegro after fleeing from South Korea following the collapse of Terraform Labs and its associated cryptocurrency, UST. However, his request for asylum was denied, and he was subsequently arrested in March 2022.
The recent development marks a significant turn of events in Kwon’s legal saga, which has seen him face criminal charges in both the US and South Korea. This extradition could lead to harsher penalties, potentially including fines and even imprisonment.
It is important to note that Terraform Labs was ordered by a court to pay $55 million in fines after being found liable for their actions.
Source: u.today
