Terra Founder Do Kwon Faces Extradition to South Korea or U.S.

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In a dramatic turn of events, Do Kwon, the embattled founder of Terra, faces extradition battles as he languishes in a Montenegro prison. The founder, previously the driving force behind the Terra-Luna ecosystem, is grappling with charges from both the U.S. and South Korea, revolving around the collapse of the TerraUSD stablecoin in May 2022.

Kwon’s arrest in Montenegro, under the shadow of document forgery, comes on the heels of a tumultuous period for Terra, once touted as a decentralized and stable fiat alternative.

Kwon Arrested for Fake Passports

A court in Podgorica has greenlit extradition requests from both the U.S. and South Korea, alleging fraud and capital market law violations. Kwon’s legal troubles extend beyond his alleged involvement in TerraUSD’s fall, as he faces multiple counts of fraud from U.S. federal prosecutors, along with ongoing investigations in his home country.

Caught at Podgorica’s airport attempting to flee, Kwon was in possession of a fake Costa Rican passport, accompanied by a Belgian passport bearing a different identity. While serving a four-month sentence for document falsification in Montenegro, the final extradition decision rests with the Montenegrin Justice Minister.

Terra Ecosystem in Turmoil

Kwon’s associate, Han Chang-Joon, and Daniel Shin, Terraform Labs’ co-founder, also grapple with legal ramifications. Denying involvement in the collapse, Shin finds himself embroiled in South Korean charges, with prosecutors freezing $185 million in assets tied to Terraform Labs and affiliates.

The collapse of TerraUSD, losing over 90% of its value in hours, triggered a cascade of lawsuits and regulatory investigations. Investors and regulators alike are closely watching the unfolding legal saga as Terra, once a beacon of stability, now stands at the center of a global legal storm.