Terraform Labs co-founder Do Kwon is expected to be extradited to the United States to face criminal charges. He will remain in Montenegrin custody until February, as requested by authorities from the U.S. and South Korea.
Kwon, a South Korean national, was arrested in Montenegro in March for using falsified travel documents and was sentenced to four months in prison. He has been charged in both the U.S. and South Korea for his alleged role in the collapse of Terra, a significant event that triggered a crypto market downturn.
If extradited to the United States, Kwon would face eight criminal charges, including commodities fraud, securities fraud, wire fraud, conspiracy to defraud, and engaging in market manipulation. The U.S. Securities and Exchange Commission (SEC) has also charged him with defrauding investors in crypto schemes.
TerraUSD (UST), the stablecoin associated with Terra, depegged from the U.S. dollar, leading to the bankruptcy of several firms, including Voyager Digital, BlockFi, Celsius Network, and FTX.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇲🇪 🇺🇸 🇸🇬 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Do Kwon |
| Companies | Celsius Network, U.S. Securities and Exchange Commission (SEC), FTX, BlockFi, Voyager Digital, Terraform Labs |
| Currencies | TerraClassicUSD |
| Securities | None |
