Terra co-founder Do Kwon to be extradited to US: Montenegro News Outlet

Terraform Labs co-founder Do Kwon will be extradited to the United States, the Supreme Court of Podgorica in Montenegro ordered today, according to a local news outlet.

Kwon faces charges in the US for alleged financial crimes related to the May 2022 Terra/LUNA collapse that caused billions of dollars of losses for investors.

In March 2023, Kwon was arrested on the tarmac at the Podgorica Airport in Montenegro for possession of a false Costa Rican passport.

Kwon pleaded not guilty to the charges, but was found guilty by the court and sentenced to four months in prison.

During that time, the US and South Korea made petitions for Kwon to be extradited to their countries.

In January, Kwon’s lawyers requested for a US judge to delay the US Securities and Exchange Commission’s case to lay civil charges against Kwon, in order for him to attend his case in person. The SEC agreed with Kwon’s lawyer, and the judge granted the request.

Now, with the US securing Kwon’s extradition, the former executive faces criminal fraud charges from the US District Court for the Southern District of New York.

Tyler Pearson is a markets correspondent at DL News. He is based out of Alberta, Canada. Got a tip? Reach out to him at ty@dlnews.com.