Do Kwon to face US extradition for Terra collapse charges

Kwon Do-hyung, the former chief executive officer of Terraform Labs, is set to be extradited to the United States following a decision by Montenegro’s Podgorica High Court.

Kwon, who has been in custody since his arrest in March 2023 for using falsified travel documents, faces charges related to the collapse of Terraform Labs and its cryptocurrency projects in May 2022.

The court’s ruling on Feb. 21 rejected an appeal by Kwon’s legal team to have him extradited to South Korea instead.

The extradition of Kwon is part of the ongoing legal saga stemming from the dramatic downfall of Terraform Labs. The collapse of the company’s digital currency projects, including algorithmic stablecoin TerraUSD (UST) and the network native cryptocurrency LUNA, had far-reaching impacts on the global financial market, drawing attention to the risks associated with volatile crypto assets.

The U.S. Department of Justice has charged Kwon with eight criminal counts, and the U.S. Securities and Exchange Commission (SEC) has a civil case against him and Terra, with a trial scheduled for March 25.

The decision by the Podgorica High Court has set the stage for him to confront the allegations in an American courtroom.

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