Cryptocurrency tycoon Do Kwon extradited to the US

Montenegro authorities will extradite cryptocurrency kingpin Do Kwon to the US for trial.

Montenegro's Justice Ministry announced on December 27 that Minister Bojan Bozovic had ordered the extradition of South Korean cryptocurrency tycoon Do Kwon to the United States to face fraud charges, according to Reuters.

Do Kwon was escorted to court in Podgorica (Montenegro) in March

Do Kwon, 33, co-founded the startup Terraform Labs, which created TerraUSD, a stablecoin designed to maintain price stability with the US dollar. The coin crashed in May 2022, sending the cryptocurrency market into turmoil, one of the biggest disasters in the history of digital currency.

Kwon and Terraform Labs were sued by the US Securities and Exchange Commission (SEC) in February 2023 over the TerraUSD and Luna cryptocurrencies, which the agency said caused about $40 billion in damage to the cryptocurrency market.

The SEC said Terraform Labs and Mr. Kwon misled investors about the stability of TerraUSD and about how a popular mobile payments app in South Korea used Terraform's currency to process transactions.

Do Kwon was arrested in March 2023 while trying to flee Montenegro. He denies wrongdoing but is facing criminal charges in the United States.

South Korea also wanted Kwon on charges of fraud and tax evasion, according to Yonhap. However, after the Montenegrin Supreme Court ruled that all conditions for extradition to the US had been met, Minister Bozovic signed an order to extradite him to the US and rejected the request from South Korea.

Do Kwon's lawyers said Montenegro's decision was contrary to the European extradition convention and announced they would file a lawsuit with the Montenegrin Constitutional Court and the European Court of Human Rights, according to AFP.

Source: https://thanhnien.vn/trum-tien-so-do-kwon-bi-dan-do-sang-my-185241228070952789.htm