Do Kwon, Cryptocurrency Company Founder, Extradited to the US from Montenegro
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World
December 31, 2024 15:35
montenegro - Do Kwon, the founder of Terra Luna and TerraUSD cryptocurrencies, has been extradited to the US from Montenegro after being arrested last year. The 31-year-old South Korean entrepreneur faced legal proceedings for alleged fraud in the crypto industry.
Do Kwon, the founder of Terra Luna and TerraUSD cryptocurrencies, has been extradited to the US from Montenegro after being arrested last year. Kwon, who was wanted on a red notice, was detained in Montenegro in June 2023 for carrying fake documents and sentenced to 4 months in prison.
The Montenegro Police Department stated that Do was escorted by Interpol officers to the airport in the capital city of Podgorica and handed over to officials from the Federal Bureau of Investigation (FBI).
According to the statement, Do is facing legal proceedings in the US, and the extradition process has been completed.
Meanwhile, decisions regarding the extradition requests from the US and South Korea for Do have been overturned by the High and Appeal courts in Montenegro on multiple occasions.
The Ministry of Justice previously announced the decision to extradite Do to the US.
Do Kwon and his company Terraform Labs were accused by the US of planning a fraud scheme involving billions of dollars in cryptocurrency securities. Terraform Labs filed for bankruptcy in the US in January.
Do Kwon is also facing accusations of fraud and violating capital market laws in his home country of South Korea.