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Crypto Founder Behind $40 Billion Disaster to Be Extradited to the US
In a significant development, it has been revealed that Do Kwon, the co-founder of Terraform Labs and the mastermind behind the catastrophic collapse of the Luna cryptocurrency project, will be extradited to the United States. This comes after Montenegro refused to extradite him to South Korea, which had also sought his arrest in connection with a $40 billion financial disaster.
As reported by sources close to the matter, Terraform Labs and Kwon were found liable by a jury for their role in the collapse of the project. The Securities and Exchange Commission (SEC) had initially filed a lawsuit against both parties in April, alleging that they had engaged in fraudulent activities.
In a related development, it emerged last month that Terraform Labs obtained approval for its bankruptcy plan, marking another significant step forward in the ongoing legal battle.
Meanwhile, Kwon has been hit with criminal charges in both the US and South Korea, with authorities seeking his extradition to face trial. The diplomatic dispute between the two countries had put Montenegro at the center of a major crisis, as it struggled to find a resolution that would satisfy both parties.
In the end, however, Montenegro decided that the US was a more suitable option for Kwon’s extradition due to its harsher penalties for financial crimes compared to South Korea. This outcome is a significant blow to Kwon, who had been hoping to avoid a lengthy prison sentence in the US.
The implications of this development are far-reaching and could have significant consequences for Kwon personally, as well as for the broader cryptocurrency community.
Source: u.today
