US wants to extradite Do Kwon following his arrest

Arrested yesterday in Montenegro, Do Kwonthe founder of Terrais facing several charges at United States. The prosecutors American prosecutors are currently seeking to to have him extradited.

The run of the creator of the deceased Terra ecosystem, Do Kwonwas stopped dead in Montenegro on Thursday at Podgorica airport, the government of the small Balkan country in Europe announced yesterday.

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Following his arrest, the American prosecutors said they are prosecuting the former crypto industry star for 8 countsincluding fraudreports the FinancialTimes.

According to the American authorities, Do Kwon notably “misled individuals” about the Terra blockchain, “including its technology and the extent to which it had been adopted by users.” The U.S. Attorney’s Office for the Southern District of New York seeks to have him extradited.

Last month, the SEC of the United States also announced to prosecute the 31-year-old South Korean for having set up a “fraudulent scheme”.

Also under arrest in South Korea, the former head of Terraform Labs is also under investigation in Singapore. Kwon had apparently gone to Europe to escape the authorities.

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The stablecoin TerraUSD issued by his company lost parity with the dollar last year and never regained it. The collapse of the Terra ecosystem last spring triggered several high-profile bankruptcies in the crypto sector, including the hedge fund 3AC. This was one of the most notable events of 2022 along with the fall of FTX.

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