In a significant breakthrough in the ongoing legal saga surrounding the founder of Terra Luna, Kwon Do-Hyung, known as Do Kwon, reports indicate that he is set to be extradited to the United States.
According to the Wall Street Journal, Montenegro has privately confirmed its intention to send Do Kwon to the US to face criminal charges.
The Do Kwon Extradition To US Confirmed By Montenegro
The events leading up to this extradition decision began in March, when Kwon was arrested while attempting to leave the country with falsified documents.
Once a prominent figure in the digital asset industry, Do Kwon’s reputation has suffered due to his involvement in manipulating the TerraUSD stablecoin, which led to a range of criminal charges being filed against him.
Additionally, the massive $40 billion crash associated with his actions has prompted prosecutors in both the United States and South Korea to seek his trial.
Do Kwon’s Legal Team Fails To Halt Extradition Process
Has Kwon’s arrest in Montenegro and subsequent detention in the country set the stage for his extradition? Reports indicate that he is indeed set to be extradited to the United States, with a senior Montenegrin justice official privately confirming the extradition plans.
This development follows Kwon’s legal team’s unsuccessful attempts to circumvent the extradition process, including their appeal of a late November decision approving the extradition.
The charges against Kwon were brought forth by the US Securities and Exchange Commission (SEC) in February. The Terra Luna founder stands accused of orchestrating a multibillion-dollar crypto asset securities fraud.
With Do Kwon’s extradition imminent, a trial will likely ensue to address the crimes he committed during his tenure as the head of Terra Luna.
Featured image from Reuters, chart from TradingView.com