Montenegro Approves Extradition of Crypto Mogul Do Kwon to U.S.

The Terraform Labs founder faces fraud charges in the U.S. after his cryptocurrency's collapse erased $40 billion in value.

Montenegro's Justice Minister approved the extradition of Do Kwon, co-founder of Terraform Labs, to the United States for prosecution on fraud charges.
Kwon is accused of orchestrating a multi-billion-dollar fraud tied to the collapse of the TerraUSD stablecoin and its sister token Luna in 2022, which wiped out $40 billion in investor value.
The decision follows a year and a half of legal disputes between the U.S. and South Korea, both of which sought Kwon's extradition after his arrest in Montenegro in March 2023.
Kwon had been on the run for months, fleeing South Korea and Singapore before his arrest for attempting to travel with a fake Costa Rican passport.
The collapse of TerraUSD and Luna destabilized global cryptocurrency markets and intensified scrutiny on the crypto industry by regulators worldwide.