Government of Montenegro Approves Extradition of Do Kwon to Face Fraud Charges in the United States
news
1 min read
Do Kwon to Be Extradited to the U.S. for Fraud Charges in Terraform Labs Collapse
In a significant development, the government of Montenegro has approved the extradition of Do Kwon, co-founder of Terraform Labs, to the United States for fraud charges related to the catastrophic collapse of LUNA and UST tokens in 2022. The decision marks a new chapter in the ongoing legal saga surrounding Kwon’s alleged misdeeds.
For those who may not be familiar with the situation, Kwon and his company Terraform Labs were accused of fraud and deception after they launched the ill-fated stablecoin LUNA and its associated cryptocurrency UST. The collapse led to widespread panic and significant financial losses for investors worldwide.
The move comes as a major blow to Kwon, who had been facing legal action in Montenegro. While details of the extradition process are still unclear, it appears that Kwon will be transported to the United States to face fraud charges related to his actions during the Terraform Labs implosion.
In a separate development, Terraform Labs agreed to settle with the U.S. Securities and Exchange Commission (SEC) for an undisclosed sum. The agreement has sparked controversy among crypto enthusiasts, who are divided on whether Kwon’s alleged misdeeds justify such a significant payout.
As we wait with bated breath to see how this new chapter unfolds, it remains to be seen how the US court system will handle the case.
Source: cryptonewsland.com
