Cryptocurrency tycoon Do Kwon extradited to the US.

Montenegrin authorities will extradite cryptocurrency tycoon Do Kwon to the United States for trial.

Montenegro's Justice Ministry announced on December 27 that Minister Bojan Bozovic had ordered the extradition of South Korean cryptocurrency tycoon Do Kwon to the United States to face trial on fraud charges, according to Reuters.

Do Kwon was escorted to court in Podgorica (Montenegro) in March.

Do Kwon (33 years old) is the co-founder of the startup Terraform Labs, which created TerraUSD, a stablecoin designed to maintain price stability against the US dollar. This currency crashed in May 2022, causing turmoil in the cryptocurrency market, one of the biggest disasters in the history of digital currencies.

Kwon and Terraform Labs were sued by the U.S. Securities and Exchange Commission (SEC) in February 2023 in connection with the cryptocurrencies TerraUSD and Luna. The agency alleged that these cryptocurrencies caused approximately $40 billion in losses to the cryptocurrency market.

The SEC says that Terraform Labs and Mr. Kwon misled investors about the stability of TerraUSD and about how a popular mobile payment app in South Korea used Terraform's currency to process transactions.

Do Kwon was arrested in March 2023 while attempting to flee Montenegro. He denies wrongdoing but is facing criminal charges in the United States.

South Korea also issued an arrest warrant for Kwon on charges of fraud and tax evasion, according to Yonhap. However, after the Montenegrin Supreme Court ruled that all conditions for extradition to the US had been met, Minister Bozovic signed the extradition order and rejected the request from South Korea.

Do Kwon's lawyers argue that Montenegro's decision violates the European extradition convention and have announced they will file a lawsuit with the Montenegrin Constitutional Court and the European Court of Human Rights , according to AFP.

Source: https://thanhnien.vn/trum-tien-so-do-kwon-bi-dan-do-sang-my-185241228070952789.htm