Do Kwon, Terra's founder, was released from prison in Montenegro as the Supreme Court deliberated on extradition requests from the US and South Korea. On March 23, 2024, Kwon was released, according to a Bloomberg report. The Supreme Court suspended a low-level ruling ordering Kwon's extradition to South Korea.
Fraud Charged and Extradition to the United States
Do Kwon is currently charged with fraud in both countries, in connection with the collapse of Terra Luna, which resulted in the loss of nearly $60 billion in market value in 2022. If extradited to the U.S., Kwon would face eight felony counts filed by prosecutors in March 2023.
Arrest in Montenegro and extradition requests
Kwon was arrested in Montenegro in March 2023 for using falsified travel documents with his colleague, former Terraform Labs CFO Han Chang-joon. Authorities in the USA and South Korea have submitted extradition requests to have Kwon indicted for fraud in their respective countries, but no final decision has been made.
Conclusion
Do Kwon, Terra's founder, was released from prison in Montenegro as the Supreme Court deliberated on extradition requests from the USA and South Korea. He is currently charged with fraud in both countries in connection with the collapse of Terra Luna, which resulted in the loss of almost $60 billion in market value by 2022. Authorities in the USA and South Korea have submitted extradition requests to have Kwon indicted for fraud in their respective countries, but no final decision has been made.
