News Summary

Do Kwon, the co-founder of the cryptocurrency startup Terraform Labs, is set to be extradited from Montenegro to the United States to face federal fraud charges. This development follows the collapse of Terraform Labs’ TerraUSD and Luna cryptocurrencies in 2022, which led to investor losses exceeding $40 billion. The U.S. Securities and Exchange Commission had previously found Terraform and Kwon liable for fraud in a civil trial, resulting in Terraform agreeing to a $4.5 billion settlement. Kwon, who has also been sought by South Korea, was arrested in Montenegro in March 2023 while attempting to board a flight to Dubai. The extradition decision by Montenegro’s Justice Minister Bojan Bozovic has been confirmed, though the timeline for Kwon’s transfer to the U.S. remains unclear.