Summary:
Do Kwon, known as the cryptocurrency king, has been extradited from Montenegro to the U.S.
Montenegro accepted a U.S. extradition request while rejecting a similar plea from South Korea.
Kwon faces fraud charges related to the $40 billion collapse of Terraform Labs’ cryptocurrency.
He was arrested in March 2023 for attempting to leave Montenegro with fake passports.
The collapse of TerraUSD led to significant financial losses for investors globally.
Montenegro Extradites Do Kwon
Montenegro has officially extradited Do Kwon, a South Korean mogul often referred to as “the cryptocurrency king,” to the United States. This decision came after the country's justice ministry accepted a U.S. request while denying a similar plea from South Korea.
On December 31, 2024, police reported that officers from Montenegro's National Central Bureau of Interpol handed over Kwon to FBI agents at the Podgorica Airport border crossing.
Legal Saga Surrounding Do Kwon
The extradition follows a months-long legal saga involving competing requests from both South Korea and the U.S. Various courts in Montenegro had previously issued and overturned multiple rulings regarding Kwon's extradition.
In March 2023, Kwon and another South Korean were arrested in Montenegro while attempting to leave for Dubai using fake Costa Rican passports. Kwon has already served time in prison for passport fraud.
Charges Against Kwon
In the U.S., Kwon faces fraud charges related to the $40 billion collapse of Terraform Labs’ cryptocurrency, which significantly impacted retail investors globally. He and several associates are wanted for allegations of fraud and financial crimes linked to the catastrophic decline of their digital currencies in May 2022.
TerraUSD, a stablecoin pegged to stable assets like the dollar, saw its market value plummet, erasing around $40 billion for its holders, leading to widespread financial turmoil.
This extradition marks a significant moment in the ongoing battle against financial fraud in the cryptocurrency space, raising questions about accountability and regulatory measures in the evolving digital currency landscape.
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