In the latest twist of the unfolding saga surrounding former crypto magnate Do Kwon, the founder of Terra Luna is on the brink of being extradited to the United States. The Wall Street Journal has reported that Montenegro has confidentially signaled its intent to transfer Kwon to the US to answer to criminal charges.
Kwon’s arrest in March, marked by the discovery of forged documents as he attempted to leave the country, set the stage for intense debates on his extradition. Now, it seems these discussions are reaching a definitive resolution.
Terra Luna’s Do Kwon Nears US Extradition
Once a prominent figure in the digital asset sector, Terra Luna’s Do Kwon has garnered attention, not for successes, but for notable failures. His alleged manipulation of the TerraUSD stablecoin triggered a cascade of criminal charges, with prosecutors in both the US and South Korea eager to bring him to trial following the $40 billion crash.
Following his arrest in Montenegro, where he was apprehended with falsified documents, the focus shifted to clarifying the extradition process. Recent reports suggest that Do Kwon is on the verge of being extradited to the United States.
According to a senior Montenegrin justice official, the extradition plan has been verified privately. This development comes after Kwon’s last-ditch efforts to avoid extradition, with his legal team reportedly appealing a late-November decision that greenlit the handover.
SEC Charges and Ongoing Legal Proceedings
Facing charges from the US Securities and Exchange Commission (SEC) since February, Kwon is accused of “orchestrating a multibillion-dollar crypto asset securities fraud.” His extradition is expected to pave the way for a trial addressing the alleged crimes committed during his tenure as the head of Terra Luna.
As the legal saga unfolds, Do Kwon’s extradition looms as a pivotal step toward accountability in the high-profile case involving one of the crypto industry’s notable figures.