Do Kwon, Founder Of Terraform Labs, Will Be Extradited To The US

Terra LUNA founder, Do Kwon. (Photo; Doc. Bitcoin Sistemi)

JAKARTA - The extradition case of Terraform Labs founder, Do Kwon, is getting more complicated. After going through a long and complex series of legal proceedings, it seems that Kwon will be extradited to the United States (US) and not to South Korea, his home country.

Reporting from The Wall Street Journal, the top court Montenegro has approved a US extradition request and plans to transfer Kwon to the United States. Although Kwon has agreed to be extradited to South Korea, the final decision remains in the hands of Montenegro officials.

Minister of Justice Montenegro, Andrej Milovic, in a closed conversation, supported the high court's decision to bring Do Kwon to Uncle Sam's country rather than return him to his home country, South Korea. Thus, US extradition requests will be met.

Terraform Labs founders face a number of demands from the US government, including allegations of commodity fraud, securities fraud, wire fraud, and conspiracy to commit market fraud and manipulation.

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Kwon under the pretext that Terraform Labs founders have deceived investors through its operations in the Terra LUNA project and UST stablecoins.

Despite facing significant legal hurdles, Kwon firmly rejected all charges directed at him. However, with the decision of the high court Montenegro and support from the Minister of Justice, it appears that Kwon will soon be tried in US courts.

This will certainly have a significant impact on the cryptocurrency community, given that Terraform Labs and its tokens, including TerraUSD and Luna, have an important role in the crypto asset industry.