Terra Luna Founder Do Kwon to Be Extradited to the US After Montenegro Court Decision

Terra Luna founder Do Kwon will finally be extradited to the US, a court in Montenegro has ruled.

Kwon, who is accused of fraud and money laundering in connection with the collapse of the TerraUSD (UST) stablecoin and Luna cryptocurrency, was arrested in Montenegro in March last year.

Both South Korea, where Kwon is a citizen, and the US, where the alleged crimes took place, had filed extradition requests.

After a lengthy and contentious process, Montenegro's Supreme Court ruled that both countries had met the legal conditions for extradition. However, the court ultimately decided to grant the US request over South Korea's.

According to the Justice Department, factors that influenced the decision included the nature of Kwon's alleged criminal activity, the location of the crime, his nationality and the order in which the extradition requests were received.

The TerraUSD and Luna crash in May 2022 wiped out $40 billion in the crypto market and triggered a chain of company failures and bankruptcies. Kwon is accused of lying to investors and siphoning off vast sums of money.