South Korean Crypto-Boss Do Kwon To Be Extradited To US
Published on December 28, 2024 at 02:10AM
Montenegro has approved the extradition of cryptocurrency entrepreneur Do Kwon to the United States over his role in the collapse of TerraUSD and Luna tokens, which wiped out $40 billion from investors and destabilized global crypto markets. The BBC reports: "The Minister of Justice, Bojan Bozovic, issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America," the Ministry of Justice announced said in a statement. "It was concluded that the majority of the criteria prescribed by law favor the extradition request from the competent authorities of the United States of America," the statement said. It added that Kwon had consented to be extradited to both South Korea and the United States. In February, US regulators charged Kwon and his company Terraform Labs with "orchestrating a multi-billion dollar crypto asset securities fraud." "We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD," US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement at the time. The US alleged that Kwon repeatedly claimed that the tokens would increase in value, and misled investors about the stability of TerraUSD.
Published on December 28, 2024 at 02:10AM
Montenegro has approved the extradition of cryptocurrency entrepreneur Do Kwon to the United States over his role in the collapse of TerraUSD and Luna tokens, which wiped out $40 billion from investors and destabilized global crypto markets. The BBC reports: "The Minister of Justice, Bojan Bozovic, issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America," the Ministry of Justice announced said in a statement. "It was concluded that the majority of the criteria prescribed by law favor the extradition request from the competent authorities of the United States of America," the statement said. It added that Kwon had consented to be extradited to both South Korea and the United States. In February, US regulators charged Kwon and his company Terraform Labs with "orchestrating a multi-billion dollar crypto asset securities fraud." "We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD," US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement at the time. The US alleged that Kwon repeatedly claimed that the tokens would increase in value, and misled investors about the stability of TerraUSD.
Read more of this story at Slashdot.
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