news 
LUNA’s Founder Do Kwon Extradited to the U.S. Following Legal Setbacks in Montenegro
The Montenegro Ministry of Justice has announced that Do Kwon, the founder of LUNA and Terraform Labs, will be extradited to the United States to face federal fraud charges. This decision comes after Kwon’s legal efforts were met with setbacks in the country.
Do Kwon was initially arrested in March 2023 while attempting to flee the country using a forged passport. He is accused of orchestrating a massive Ponzi scheme involving TerraUSD, a stablecoin he co-founded and promoted as maintaining a peg to the U.S. dollar. The collapse of the algorithmic stablecoin led to catastrophic losses exceeding $40 billion across the broader cryptocurrency market.
A recent report from local outlet Vijesti reveals that Montenegrin authorities have now approved Kwon’s extradition to the United States, paving the way for him to face legal consequences in American courts.
Terraform Labs filed for bankruptcy earlier this year, with a U.S. bankruptcy judge approving its plan to liquidate remaining assets. This development will enable partial reimbursements to affected investors, totaling between $184.5 million and $442.2 million.
As Terraform Labs is now defunct, the LUNC community has shifted focus towards Binance and other exchanges for guidance on determining its future growth strategy.
Source: www.crypto-news-flash.com
