Dust settles on the Terra fraud case! Do Kwon, the founder, has been extradited to the United States for trial.

Do Kwon, co-founder of Terraform Labs, has been extradited from Montenegro, also known as the "Republic of Montenegro," to the United States to face fraud charges related to TerraUSD, involving an amount of 40 billion US dollars. After months of legal proceedings, the extradition was officially completed on December 31, 2024.

According to a statement from the Ministry of Justice of Montenegro, 'Today, at the transit point of Podgorica Airport, Korean citizen Won Dong-hun, who is wanted by both Korea and the United States, was extradited by officials from the International Criminal Police Organization.'

The Montenegrin police handed him over to the American authorities on December 31, 2024, at the Podgorica International Airport. He will face trial in the United States for his role in one of the largest financial fraud cases in the history of cryptocurrency, which has triggered stricter regulation of digital assets and regulatory scrutiny of poorly managed stablecoins worldwide.

Do Kwon was arrested in Montenegro in March 2023 on suspicion of attempting to travel with a fake passport. While seeking repatriation to South Korea, he has also consistently objected to extradition to the United States. However, Montenegro's judicial authorities have repeatedly rejected his appeals, and last week Minister of Justice Bojan Bozovic signed an order for extradition to the United States.

In May 2022, the collapse of TerraUSD and its related token Luna led to massive financial losses and regulatory scrutiny. Do Kwon faces conspiracy charges related to securities fraud, telecommunications fraud, and the cryptocurrency collapse of Terraform Labs in both the United States and South Korea.

In September 2022, Interpol issued a red notice for Do Kwon, listing him as an international fugitive. Despite this, Do Kwon successfully 'disappeared' for several months, but was eventually arrested in Montenegro. He was extradited to the United States, marking a new chapter in the international community's pursuit of accountability in the cryptocurrency field.

In fact, there have been many rulings on whether Montenegro's Do Kwon should be extradited to South Korea or the United States, and this prolonged legal battle has been appealed many times, with inconsistent rulings.

In 2024, the Court of Appeal of Montenegro upheld the decision of the High Court, ruling that Terra founder Do Kwon must be extradited to his home country, South Korea, and rejected the extradition request from the United States. However, the US Department of Justice stated through a declaration: 'The United States will continue to seek the extradition of Do Kwon in accordance with relevant international and bilateral agreements as well as Montenegrin law.'

In September, the Montenegrin court ruled that the Minister of Justice would make the final extradition decision. As a result, last Friday, Minister of Justice Bojan Božović finally signed the order to extradite Do Kwon to the United States.

If extradited to the United States, Do Kwon will face 8 felony charges filed by US prosecutors in March 2023, and the punishment he may face in South Korea could be lighter than in the United States.

<The dust settles in the wrestling match! Terra fraud case founder Do Kwon has been extradited to the United States for trial> This article was first published in Blockcast.