- Terraform Labs founder Do Kwon is set to be extradited from Montenegro to the United States after losing an appeal against extradition
- Kwon was arrested in Montenegro in June 2023 for traveling on falsified documents, stemming from the collapse of the TerraUSD stablecoin in 2022
- The collapse of TerraUSD vaporized $40 billion and is seen as one of the biggest fraud cases in crypto history, with Kwon wanted for questioning
Terraform Labs founder Do Kwon has been at the center of an ongoing legal drama since the collapse of the TerraUSD stablecoin in 2022. After months spent evading authorities, Kwon is now slated to be extradited from Montenegro to the United States.
Kwon’s Rocky Road in Montenegro
Kwon was arrested in Montenegro in June 2023 for traveling on falsified documents. He was initially handed a 4-month jail sentence in the country as officials weighed extradition requests from both South Korea and the United States.
Earlier this month, Kwon won an appeal against extradition on procedural grounds. But that reprieve appears to have been short-lived. According to the Montenegrin newspaper Pobjeda, the country will now follow through on extraditing Kwon to the US.
The Implosion of TerraUSD
The saga stems from the catastrophic failure of the TerraUSD algorithmic stablecoin in 2022. The collapse vaporized an estimated $40 billion and stands as one of the most notorious fraud cases in crypto history. Kwon and other top Terraform Labs executives have been sought for questioning ever since.
An Ongoing Crypto Drama
Kwon’s extradition is the latest twist in the ongoing Terra drama. Montenegro previously decided against extradition before reversing course.
With the embattled CEO now slated for transfer to the United States, the next chapter in this crypto saga seems imminent. But with Kwon’s knack for evasion and appeals, his journey may still have a few more turns ahead.
