Terraform Labs Co-Founder Do Kwon To Be Extradited To US To Face Criminal Charges

According to CryptoPotato, Terraform Labs co-founder and former CEO Do Kwon is set to be extradited to the United States to face criminal charges, nearly a year after his arrest in Montenegro. Both the United States and South Korea had submitted extradition requests to Montenegro officials. On February 21, the Podgorica High Court in Montenegro decided that Do Kwon would be extradited to the United States, ruling out an extradition request from South Korea. The latest development comes after Kwon's legal team recently won an appeal to overturn the decision of the High Court to favor the extradition requests from the United States and South Korea. Kwon was arrested by Montenegro authorities in March 2023 while attempting to flee to another country with a fake passport and was later sentenced to four months in prison. The US Securities and Exchange Commission (SEC) accused Terraform Labs and Kwon of 'orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities' after the crash of UST in 2022, which led to massive losses for investors. In January 2024, the SEC agreed to a delay in the trial date regarding the Terraform case as requested by Kwon's legal team, who said that they wanted their client to attend in person. It is not certain when Kwon will be moved to the United States. Meanwhile, Terraform Labs' former financial officer Han Chang-joon, who was arrested alongside Kwon, has been extradited to South Korea.