In what is likely the final end to an ongoing legal saga, Terra Luna founder Do Kwon is set to be extradited to the US. Indeed, after more than a year of ongoing court rulings and disputes, Montenegro announced the decision Friday. Now, it appears the South Korean cryptocurrency developer will officially be headed to the United States, according to local news.
The process saw the Supreme Court of Montenegro state that both South Korea and the United States had met legal conditions for extradition. Moreover, the move is set to take place after the Terra Luna founder was arrested in Montenegro in March of last year.
JUST IN: Terra Luna Founder Do Kwon to be extradited to the United States.
— Watcher.Guru (@WatcherGuru) December 27, 2024
Also Read: What Is Do Kwon’s Net Worth
Do Kwon to be Extradited to the United States After More Than a Year in Custody
Over the last two years, the cryptocurrency industry has undergone a massive shift. The market is far from the reign of bad actors and investors losing millions. Just this year, the asset class has enjoyed unprecedented growth. Its year culminated in Bitcoin’s increase to a six-figure price for the very first time.
Yet, the market is still coping with criminal activity that was present in years past. Now, one of its most devastating developments is nearing its end. Indeed, Terra Luna founder Do Kown is set to be extradited to the US. The decision comes after a string of uncertainty regarding the fate of the South Korean entrepreneur.
Also Read: Terra Co-Founder Do Kwon Names Person to Blame for Collapse
Montenegro has officially rejected an extradition request by South Korea in favor of the United States. According to the Ministry of Justice, factors such as his criminal activity, location of the offense, citizenship, and order of extradition requests played a part in the decision.
The fall of TerraUSD and Luna in May 2022 wiped $40 billion from the market. The downfall led to the collapse of a host of platform sand companies, with a string of bankruptcies to follow. In the end, Do Kwon was unveiled as the chief culprit in the collapse, as he had lied to investors and kept substantial wealth hidden.