November 27, 2023 at 12:43AM
Do Kwon, the founder of Terraform Labs, will be extradited from Montenegro to face charges in South Korea and the United States. While Kwon has consented to being extradited to South Korea, the decision about his final destination will be made by Montenegro’s Minister of Justice. Kwon is facing charges of fraud and market manipulation related to the collapse of Terraform Labs, which caused significant financial losses. He is also facing civil charges from the US Securities and Exchange Commission and plans to fight these allegations.
Key Takeaways from Meeting Notes:
1. Terraform Labs founder, Do Kwon, is facing extradition from Montenegro to either South Korea or the United States.
2. The High Court in Podgorica has approved the extradition request from both South Korea and the United States.
3. While Do Kwon has consented to be extradited to South Korea, the final decision on his destination will be made by Montenegro’s minister of justice.
4. Do Kwon was found in Montenegro in March 2023 after using fake passports to enter the country.
5. Prior to his arrest, Do Kwon’s whereabouts were unknown after he left Singapore in September 2022.
6. Terraform Labs promised investors that its stablecoin, Terra USD, and Luna tokens were safe investments, but the Labs’ collapse resulted in significant financial losses.
7. Do Kwon and Terraform Labs are facing multiple charges, including fraud, securities fraud, and market manipulation.
8. They are also facing civil charges from the US Securities and Exchange Commission, which they are pledging to fight against.