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    Home»Crypto News»Crypto Founder Behind $40 Billion Catastrophe to Be Extradited to US
    Crypto Founder Behind  Billion Catastrophe to Be Extradited to US
    Crypto News

    Crypto Founder Behind $40 Billion Catastrophe to Be Extradited to US

    By Crypto EditorDecember 27, 2024No Comments2 Mins Read
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    In accordance with Agence France Presse, Montenegro is about to extradite South Korean cryptocurrency entrepreneur Do Kwon to the U.S. 

    Minister of Justice Bojan Bozovic greenlit the extradition earlier this Friday, in line with the report. 

    This comes after greater than a 12 months of assorted twists and turns. Kwon was arrested by the Balkan nation again in 2023 when he was heading to Dubai with a pretend passport. His extradition had been postponed on varied events.  

    The astonishing implosion of the Terra community, which occurred in Could 2022, has resulted in roughly $40 billion price of losses for traders, in line with varied sources. 

    The SEC later sued Terraform Labs and Kwon, claiming that they have been deceiving traders concerning the notorious TerraUSD stablecoin. The regulator introduced civil fraud costs in opposition to 

    A jury then discovered Terraform Labs and Kwon liable, siding with the SEC in April. 

    Kwon has additionally been slapped with prison costs in each the US and his native South Korea. Each nations had been in search of Kwon’s extradition, with Montegero being caught in the midst of this diplomatic dispute. Montenegro finally determined that the US could be a preferable choice on account of many of the standards prescribed by legislation.

    In September, Terraform Labs additionally obtained approval for its chapter plan. 



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