Cryptocurrency Fugitive Worth $40 Billion, Do Kwon Extradited To US

Do Kwon Extradited To US (BBC)

JAKARTA - A South Korean man accused of being responsible for the cryptocurrency crisis that caused a loss to investors of $40 billion (men's 31.8 billion) was finally extradited to the United States.

Do Kwon is the owner of Terraform's business, which operates two cryptocurrencies - TerraUSD and Luna - both of which collapsed in 2022, sparking a wider sell-off in the crypto market.

The US said it was responsible for the currency's failure, accusing it of "setting billions of dollars in crypto asset securities fraud".

Kwon fled South Korea after his arrest warrant was issued and eventually ended up in Montenegro, where he is now being extradited, after a long legal battle.

Previously, he was found guilty of falsifying documents by the Montenegro court, after being arrested while he tried to board a plane to Dubai in March 2023.

However, it is unclear whether he will face criminal proceedings in the US, as Montenegro does not have an extradition treaty with the US or South Korea, which has also sought extradition.

Kwon was eventually sent back to the US, ending a legal process that lasted more than 18 months.