Disgraced Terra (LUNA) founder Do Kwon is facing extradition to the US after losing an appeal in a Montenegrin high court. Kwon, who is believed to be responsible for the collapse of the Terra ecosystem in 2022, had his appeal dismissed by the Montenegrin Constitutional Court, which had previously ruled that the conditions for his extradition had been met.
Following the court’s decision, Justice Minister Bojan Bozovic had to determine whether Kwon would be extradited to the US or South Korea, both of which have pending charges against him. The Montenegrin Ministry of Justice stated that the majority of the criteria favored the extradition request from the US, leading to the Minister of Justice approving Kwon’s extradition to the United States while rejecting the extradition request from South Korea.
Kwon, a South Korean national, was initially arrested in Montenegro in March 2023 as he tried to board a flight to Dubai using a fake Costa Rican passport. He is accused of orchestrating a Ponzi scheme involving the stablecoin TerraUSD, resulting in the loss of over $40 billion in investors’ funds. The collapse of the dollar-pegged crypto asset occurred after its stabilization mechanism malfunctioned.
The Montenegrin Supreme Court had previously ruled in February that Kwon should be extradited to the US. The extradition decision underscores the gravity of the allegations against Kwon and the international repercussions of his actions.
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