Former Terraform Labs CEO is Extradited to US

Do Kwon, the former CEO of Terraform Labs, who oversaw two cryptocurrencies, TerraUSD and Luna, both of which collapsed in 2022, triggering a broader sell-off in the crypto market, has been extradited to the US.

The U.S. authorities accuse Kwon of being responsible for the failure of the coins, charging him with “orchestrating a multi-billion dollar crypto asset securities fraud.”

After a warrant for his arrest was issued in South Korea, Kwon fled the country, eventually being apprehended in Montenegro while attempting to board a flight to Dubai in March 2023.

Kwon was later convicted in Montenegro for using forged documents, but it remained uncertain whether he would face charges in the US, as Montenegro lacks extradition treaties with both the US and South Korea, which also sought his extradition. His transfer to the U.S. ends a legal battle that stretched over 18 months.