Do Kwon will be extradited to the United States after Montenegro court ruling: report

User Avatar

Do Kwon, former crypto billionaire and founder of the Terra (LUNA) ecosystem, will be sent to the United States to face fraud charges.

In 2022, Terra’s UST stablecoin and its associated altcoin LUNA went to near zero after the pegging mechanism failed to work as intended, wiping out around $40 billion in value within days.

Kwon was eventually arrested when he tried to leave Montenegro on a plane to Dubai, allegedly using a fake Costa Rican passport, after his whereabouts were unknown for months.

Earlier this month, an appeals court revoked Kwon’s extradition to the US, saying the order was “incomprehensible” and lacked “decisive facts.”

However, according to local news channel Pobjeda, the courts appear to have overturned the decision and ruled in favor of extradition to the US.

It is still unclear when Kwon will leave for the United States and what specific charges he will face, but the U.S. Securities and Exchange (SEC) has alleged that Kwon and his company Terraform Labs facilitated a multi-billion dollar fraud and violated federal securities laws. .

District Judge Jed S. Rakoff sided with the SEC’s request for summary judgment in terms of the regulator’s claims that Kwon and Terraform Labs owned the project’s native token, LUNA, and its decentralized finance (DeFi) token Mirror Protocol (MIR) as unregistered. effects.

Don’t miss a beat – Subscribe to receive email alerts straight to your inbox

Check price action

follow us on TweetFacebook and Telegram

Surf to the Daily Hodl mix

Featured image: Shutterstock/GrandeDuc



Source link

See also  US SEC Asks Firms Applying for Spot Bitcoin ETFs to Make Last-Minute Corrections Before New Year: Report
Share This Article
Leave a comment