A Montenegro Court Extends Custody of Terra Founder Do Kwon
A court in Montenegro has extended the custody of Terra founder Do Kwon for two more months as the United States and South Korea seek his extradition. The Higher Court in Podgorica confirmed the extension, although it is still unclear which country Kwon will be deported to.
Accusations of Fraud and Market Manipulation
The United States requested Kwon’s extradition in December 2023, accusing him of fraud and market manipulation related to the collapse of TerraUSD, an algorithmic stablecoin that lost its peg to the US dollar in 2022. South Korean authorities also allege that Kwon engaged in fraudulent activities in connection with the stablecoin’s collapse.
Decision Rests with Montenegro’s Minister for Justice
The final decision on Kwon’s extradition lies with Montenegro’s Minister for Justice, Andrej Milovic. Milovic has communicated his plans to surrender Kwon to American authorities and has informed the US ambassador about the upcoming move.
TerraUSD Collapse Wipes Out Billions
The collapse of TerraUSD resulted in an estimated $40 billion loss for investors and had a significant impact on the global cryptocurrency market.
Hot Take: Do Kwon Faces Extradition Over TerraUSD Collapse
A Montenegro court has extended the custody of Do Kwon, founder of Terra, while his extradition is being sought by the United States and South Korea. Accused of fraud and market manipulation in connection with the collapse of TerraUSD, Kwon faces potential deportation to either country. The final decision rests with Montenegro’s Minister for Justice, who has informed US officials about his plans to surrender Kwon. The collapse of TerraUSD resulted in a massive loss for investors and caused shockwaves throughout the cryptocurrency market. The allegations against Kwon include misleading investors about the stablecoin’s stability and orchestrating its collapse for personal gain.
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