Do Kwon to Be Extradited to the U.S. for Fraud Charges in Terraform Labs Collapse

News

Terras-Do-Kwon-Facing-Yet-Another-Lawsuit-in-Singapore

  • Do Kwon’s extradition to the U.S. marks a significant development in the Terraform Labs fraud case.
  • Kwon faces fraud charges in the U.S. after the collapse of LUNA and UST wiped out $40 billion.
  • Montenegro’s decision ends a lengthy legal battle and Kwon will face a U.S. court over his role in the crash.

Do Kwon, co-founder of Terraform Labs, is set to be extradited to the United States. This decision follows a lengthy legal process in the country. The Montenegrin Ministry of Justice announced the extradition after reviewing multiple requests from the U.S. and South Korea. Kwon faces fraud charges in connection with the 2022 collapse of the Terraform Labs tokens, LUNA and UST.

The decision comes after Montenegro’s Constitutional Court rejected Kwon’s appeal. The review process considered the severity of Kwon’s crimes and the locations where they took place. Both the U.S. and South Korea sought his extradition, making this case highly complex.

The Justice Minister Bojan Bozovic signed the extradition order after consulting with the Supreme Court. This decision marks the end of a long and complicated legal battle. Kwon’s case has drawn global attention, particularly in the wake of the massive financial loss caused by the collapse.

The Fallout From Terraform Labs’ Collapse

Kwon’s involvement in the 2022 collapse of the LUNA and UST tokens is at the heart of the charges. The crash wiped out $40 billion from the crypto market, causing chaos in the industry. Since then, the tokens have been on a recovery path, driven by community efforts. However, the damage to the broader crypto landscape remains significant.

Kwon’s arrest in March 2023 added to the drama. He was caught at the Montenegrin airport with a fake Costa Rican passport while preparing to board a flight. This arrest led to even more attention on his legal troubles. 

Along with facing fraud charges in the U.S., Kwon and Terraform Labs agreed to pay over $4.5 billion to settle charges with the U.S. Securities and Exchange Commission. The extradition marks a new chapter in the ongoing legal saga. It remains to be seen how the U.S. court system will handle the case.

The post Do Kwon to Be Extradited to the U.S. for Fraud Charges in Terraform Labs Collapse appeared first on Crypto News Land.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply