Terraform Labs co-founder Do Kwon will be extradited to the US to face fraud charges.
The High Court of Montenegro has decided to deny South Korea's request to extradite Kwon and has instead approved his extradition to the US, where he will face charges related to significant losses suffered by US investors with the company's algorithmic stablecoin.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
Kwon was arrested in Montenegro in March 2023 for using a fake passport to leave the country, and subsequently agreed to be extradited to South Korea. However, in June he was sentenced to four months in prison by a Montenegrin court for document forgery. After an unsuccessful appeal, Kwon was eventually sentenced to four months in prison.
The SEC has also filed civil charges against Kwon and his company, accusing them of raising billions of dollars from investors through unregistered transactions involving crypto asset securities.