Montenegro's Justice Minister has approved the extradition of Do Kwon, founder of collapsed crypto firm Terraform Labs, to the United States. This decision follows a lengthy legal battle with both South Korea and the US seeking his extradition. Do Kwon was arrested in Montenegro last year while attempting to flee to Dubai using fake passports. He faces fraud charges in the US for his role in the $40 billion Terraform Labs cryptocurrency crash.
Montenegrin police officers escort Terraform Labs founder Do Kwon in Montenegro 's capital Podgorica, March 23, 2024. Montenegro has approved the extradition of a South Korean mogul known as "the cryptocurrency king" to the United States, the Balkan country's Justice Ministry said on Friday.
"Behind such illegal behaviour of the minister is the fact that the courts, on two occasions ... made a decision to extradite Do Kwon to South Korea," his lawyers said in a statement. TerraUSD was designed as a "stablecoin," a currency which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.
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