Cryptocurrency tycoon Do Kwon extradited to the US
Dec 28, 2024
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 , 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, causing the cryptocurrency market to shudder, 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.
Source: Thanh Nien Newspaper
