<\/p>\n
Do Kwon, former crypto billionaire and founder of the Terra (LUNA) ecosystem, will be sent to the United States to face fraud charges.<\/p>\n
In 2022, Terra\u2019s UST stablecoin and its associated altcoin LUNA went to virtually zero after its pegging mechanism didn\u2019t work as intended, wiping out roughly $40 billion in value within days.<\/p>\n
Kwon was eventually arrested<\/a> attempting to leave Montenegro on a plane to Dubai allegedly using a fake Costa Rican passport, after months of his whereabouts being unknown.<\/p>\n Earlier this month, an appellate court revoked<\/a> Kwon\u2019s extradition to the US, saying that the order was \u201cincomprehensible\u201d and lacked \u201cdecisive facts.\u201d<\/p>\n However, according to local news outlet Pobjeda<\/a>, the courts have appeared to have overturned the decision, and have ruled in in favor of extradition to the US.<\/p>\n It\u2019s still unclear when Kwon will head to the United States and what specific charges he will be facing, but the U.S. Securities and Exchange (SEC) has alleged that Kwon and his company Terraform Labs\u00a0facilitated a multi-billion dollar fraud and violated federal securities laws.<\/p>\n District Judge Jed S. Rakoff sided<\/a> with the SEC\u2019s request for summary judgment in terms of the regulator\u2019s allegations that Kwon and Terraform Labs offered and sold the project\u2019s native token, LUNA, and its decentralized finance (DeFi) token Mirror Protocol (MIR) as unregistered securities.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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