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Terraform Labs Co-Founder Do Kwon to Be Extradited to US Amid Legal Battle

Terraform Labs Co-Founder Do Kwon to Be Extradited to US Amid Legal Battle

Key Takeaways

  • Do Kwon, Terraform Labs co-founder, is to be extradited to the United States from Montenegro to face fraud charges after a Montenegrin court decision.
  • The High Court of Podgorica dismissed Kwon's legal team's appeal for extradition to South Korea over the United States.
  • The United States has charged Do Kwon with eight criminal counts related to his involvement in Terraform Labs, alongside a civil case by the U.S. Securities and Exchange Commission for alleged securities fraud.

Do Kwon, co-founder of Terraform Labs, is set to be extradited to the United States from Montenegro, where he has been detained since his arrest on March 23, 2023.

The decision was made after the High Court of Podgorica rejected Kwon's defense's appeal for the Justice Minister of Montenegro to have the last say in the case, as well as their request to prioritize extradition to South Korea over the United States.

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In March 2023, Do Kwon was arrested for possessing counterfeit travel documents, unveiling his location after he had vanished in the aftermath of Terra's collapse in May 2022. Since then, his legal pursuit has been a point of international contention, with authorities from both the U.S. and South Korea vying to prosecute him first.

The U.S. authorities have charged him with eight criminal counts, reflecting the gravity of the allegations against him.

The U.S. Securities and Exchange Commission is also pursuing a civil case against Kwon and Terraform Labs, accusing them of "orchestrating a multi-billion dollar crypto asset securities fraud". The trial is set for March 25.

The exact date of Kwon's extradition remains uncertain.

This extradition marks a crucial step in addressing the fallout from the Terra debacle as regulatory and legal systems worldwide grapple with the complexities and consequences of cryptocurrency fraud.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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