US Extradition Order for Terra Founder Do Kwon Issued

Key takeaways:

• Do Kwon is expected to be extradited to the US to face fraud accusations. Kwon has been detained in Montenegro since March 2023.
• Only two weeks had passed since the Montenegro Appeals Court overturned the extradition ruling before the decision was made.

Do Kwon, a co-founder of Terraform Labs, is expected to be extradited to the US to face fraud accusations. Kwon has been detained in Montenegro since March 2023.

The plea to extradite Kwon to South Korea before the United States was denied by the High Court of Podgorica, according to a report published on February 21 by the Montenegrin news portal Pobjeda.

Only two weeks had passed since the Montenegro Appeals Court overturned the extradition ruling before the decision was made. Do Kwon’s legal council specifically appealed the decision, claiming that the court had violated extradition laws and appropriate procedural procedures. That seems to be invalidated, though, as Do Kwon is now scheduled for extradition.

TerraUSD was involved in one of the most significant falls in the digital asset market. In fact, the stablecoin saw a staggering $40 billion loss in 2022 and rose to prominence as a prominent fraud case in the industry. Since then, authorities have pursued numerous top company officials.

Do Kwon, the creator of Terraform Labs, is scheduled to be extradited to the US, ostensibly ending the continuing legal proceedings around him. But the choice has already been made, raising doubts about the possibility of extradition.

Do Kwon was captured with forged documents in Montenegro in June 2023. When the authorities caught him, he did, in fact, try to leave the nation. There have been discussions about extradition following his 4-month jail sentence. The fugitive was sought after by both South Korea and the US.

In a recent development, Do Kwon retained the CEO of Terraform Labs in Montenegro after winning an appeal. Only a fortnight ago was that choice made. The US extradition of the author of TerraUSD is scheduled to occur, according to a report published in the Montenegrin newspaper Pobleda.