Terra Founder Do Kwon to be Extradited to the US

Joshua Ramos
Do Kwon Receives 4-Month Jail Sentence in Montenegro
Source: The Star

Following an ongoing saga for the Terraform Labs founder, Do Kwon is reportedly set to be extradited to the US. Indeed, the former CEO of the firm behind the TerraUSD collapse has been in Montenegro since his arrest in June of 2023. Subsequently, he is now set to be extradited to the United States, according to local publication, Pobjeda.

The decision arrived just two weeks after the Appeals Court of Montenegro reversed the extradition decision. Specifically, Do Kwon’s legal council appealed the ruling, stating that the court failed proper procedural protocols, and breached extradition standards. However, that appears to be nullified as Do Kwon is now set to be extradited.

Also Read: Terra Co-Founder Do Kwon Asks SEC to Delay Trial

Montenegro Decides to Follow Through on Do Kwon Extradition to US

One of the greatest collapses within the digital asset industry involved TerraUSD. Indeed, the stablecoin lost an astronomical $40 billion in 2022 and became one of the market’s high-profile fraud cases. Since then, many of the firm top executives have been sought after by authorities.

Now, the ongoing case regarding Terraform Labs founder Do Kwon has seemingly come to an end, as he is set to be extradited to the United States. However, the decision has been made before, with concern as to whether or not the extradition will take place.

Source: BBC

Also Read: Terra Luna Founder Do Kwon to be Extradited to the United States

In June 2023, Do Kwon was apprehended in Montenegro with falsified documents. Indeed, he attempted to flee the country when authorities apprehended him. After being sentenced to a 4-month jail sentence, talks of extradition had begun. Both South Korea and the United States sought the fugitive.

However, the latest development saw Do Kwon win an appeal that would keep the Terraform labs CEO in Montenegro. That decision took place just two weeks ago. Now, Montenegrin newspaper Pobleda has reported that the TerraUSD creator is set to be extradited to the United States.