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Crypto Founder Behind $40 Billion Disaster to Be Extradited to the US
Terraform Labs’ founder Do Kwon has been ordered to be extradited to the United States by Montenegro, amid a diplomatic dispute between the country and South Korea over his extradition. This decision comes after Kwon’s recent legal woes, including being found liable in April for his role in Terraform Labs’ bankruptcy.
The SEC had initially brought charges against Kwon and Terraform Labs, claiming that they had committed securities fraud and misused funds. In a stunning development, the jury ultimately sided with the SEC, ruling that both parties were liable for their actions.
In response to this verdict, Kwon’s lawyers had pushed back against extradition, citing concerns about the harsh penalties he would face in the US compared to South Korea. However, Montenegro has now rejected these claims and decided to extradite Kwon to the United States.
This decision has significant implications for the crypto community, given the scale of the financial disaster caused by Terraform Labs’ collapse. The company’s implosion led to a loss of over $40 billion in investor funds.
Kwon’s extradition will likely be met with widespread interest and criticism, particularly from South Korea, where he faces similar charges.
Source: u.today
