Do Kwon Extradited to the United States

Do Kwon, the founder of Terra (LUNA) and UST, had previously initiated an algorithmic stablecoin anonymously, only to fail spectacularly once again.

Do Kwon, the founder of Terra (LUNA) and UST, is being extradited to the U.S. after a series of legal battles in Montenegro.

Do Kwon, the founder of Terra (LUNA) and UST, is being extradited to the U.S. after a series of legal battles in Montenegro.

After silently launching an algorithmic stablecoin project that went bankrupt, Kwon is now facing the consequences of his actions. As previously reported, Kwon’s project, which aimed to create a stablecoin pegged to the U.S. dollar using an algorithm and an unnamed cryptocurrency, ultimately failed.

Following the collapse of the project, which occurred during the bear market of 2022, Kwon’s whereabouts remained unknown for months. However, he was eventually apprehended in Montenegro, leading to extradition requests from both South Korea and the U.S.

As stated by the Montenegrin news outlet Vijesti, local courts approved the extradition decisions, which were later overturned by higher courts on several occasions. In total, Montenegrin courts approved and rejected extradition about ten times.

Now, it seems that Kwon has reached the end of the line. According to a report by the Turkish news outlet Yeni Magaza, the Montenegrin Justice Minister has approved Kwon’s extradition to the U.S., where he is expected to serve his sentence.

Earlier this year, South Korea's Justice Ministry said it would seek to extradite Do Kwon to his home country after a court in Montenegro approved his extradition to Seoul.

After the news of Kwon’s extradition broke, the price of LUNA went up about 4% before going down again. The price is still trading above $0.40. The risks of LUNA Coin have been discussed in previous analysis.