Do Kwon is Set to be Extradited to the United States: Report

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Do Kwon, the founder of Terraform Labs, the firm behind the Terra USD algorithmic stablecoin that collapsed in May 2022, is all set to be extradited from Montenegro to the United States, as per a report. 

As reported earlier by TheCoinRise, the disgraced crypto entrepreneur is facing fraud charges in South Korea as well as the US after his stablecoin collapsed along with the LUNA token, which was one of the top 10 digital assets by market capitalization. Interestingly, the Montenegro court suspended an earlier ruling approving his extradition to the US or South Korea.

Do Kwon Coming to the US

As to a report dated February 21 by Montenegrin news outlet Pobjeda, the High Court of Podgorica has denied a plea to extradite Kwon to South Korea, and the disgraced entrepreneur will be sent to the United States. 

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This ruling comes subsequent to an appeal made by the legal team representing Do Kwon, contending that the authority to determine the extradition of the Terraform co-founder lies with Montenegro’s Justice Minister—an assertion dismissed by the high court.

No Timeline Decided

It is important to note that it hasn’t been decided when Do Kwon will be traveling to the United States, and following the collapse of Terraform Labs, the entrepreneur’s whereabouts remained unknown, i.e., until March 2023, when Montenegrin authorities arrested him for using falsified travel documents

Additionally, having received a four-month prison sentence, Do Kwon has been actively engaged in extradition proceedings during his time in custody.

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Terraform Labs’ Bankruptcy

Terraform Labs filed for bankruptcy earlier this year and confirmed that it had estimated assets and liabilities ranging from $100 to $500 million. On the other hand, the SEC had filed a lawsuit against the crypto firm, and CEO Chris Amani stated that its Chapter 11 bankruptcy was critical to successfully appealing its case with the SEC.

“A successful appeal would eliminate the single largest claim against the Debtor, thereby benefiting the Debtor, its creditors, and the community more broadly,” read a filing. 

Do Kwon Trial Postponed

The trial of Do Kwon was originally scheduled for January 29 but was recently postponed to late March as per an official court order. The disgraced entrepreneur is facing fraud charges and might be given a considerable sentence post-extradition. 

Further, a mysterious whistleblower from Jump Crypto reportedly assisted the SEC in the trial against the Terraform Labs co-founder.

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