Do Kwon, co-founder of Terraform Labs Pte, is reportedly in jail in Montenegro awaiting extradition for allegedly involvement in a criptocurrency fraud that resulted in the loss of $40 billion in market value.
In a Bloomberg report, the U.S. and South Korea have both charged Kwon and are requesting his extradition, but Montenegro's justice minister, Marko Kovac, says a judge will decide which country will be given the first priority, but Montenegro's justice minister, Marko Kovac, says he believes that a judge will decide which country will be given the first priority.
The report states that while the U.S. and South Korea do not have extradition agreements with Montenegro, they do have other international arrangements that may facilitate Kwon's extradition.
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Kwon may challenge the extradition. As Kwon was initially arrested in Montenegro for traveling with false documents, he may need to serve time for those charges before being extradited to the U.S. or South Korea.
The collapse of Terra in May 2022 sparked investigations by various authorities, including the Securities and Exchange Commission and the Department of Justice.
Terra's UST stable coin has lost its dollar peg and is now valued at $0.02. Terra Luna Classic LUNC has lost most of its value since May 2022, but it still maintains a market cap of around $726 million, making it the 62nd largest criptocurrency.