South Korean Crypto Tycoon Do Kwon Extradited to the US: Montenegrin Authorities
Click to start listening
Rome, Dec 31 (NationPress) Montenegro has officially extradited South Korean crypto tycoon Do Kwon to the United States, where he faces charges related to the significant 2022 collapse of several cryptocurrencies, as reported on Tuesday.
The Montenegrin police transferred Kwon to officials from the Federal Bureau of Investigation and judicial authorities at Podgorica International Airport, according to local sources.
This extradition to the US comes nearly two years after Kwon was apprehended in Montenegro in March last year while traveling on a fraudulent passport.
At just 33 years old, Kwon, whose full name is Kwon Do-hyung, is a co-founder of the cryptocurrency company Terraform Labs and has been sought by both South Korea and the US for investigations and potential charges related to the substantial collapse of TerraUSD and Luna coins managed by his firm.
The crash has been estimated to have erased close to 50 trillion won (approximately US$33.9 billion) in market value, as reported by Yonhap news agency.
Kwon has attempted to initiate legal proceedings in Montenegro for his repatriation to South Korea to confront legal actions, but the Montenegrin judiciary has dismissed his requests.
Recently, the Montenegrin government finalized its decision to extradite Do Kwon to the United States for legal proceedings.
Montenegro's Justice Minister Bojan Bozovic authorized the extradition of Do Kwon, whose complete name is Kwon Do-hyung, as reported by the local online outlet Vijesti on Friday.
Authorities in Seoul are investigating Kwon for fraud and tax evasion, following allegations from investors in the cryptocurrencies TerraUSD and Luna, who accused him of running a Ponzi scheme after the dramatic crash of the coins in May 2022.
TerraUSD was intended to function as a stablecoin, pegged to stable assets such as the US dollar. However, holders of TerraUSD and Luna experienced losses exceeding an estimated US$40 billion in market value after the stablecoin significantly dipped below its $1 peg in May 2022.
