Do Kwon Is To Be Extradited To The United States!

Do Kwon, Terraform Labs co-founder, is to be extradited to the United States. Also, Montenegrin Justice Minister Andrej Miloviç announced that he plans to honor the extradition request of US authorities.

You might like: What is MultiversX (EGLD) Coin?

He was arrested in Montenegro in March and sentenced to four months in prison for using a fake passport. The Terra founder was also charged in the United States and South Korea for the collapse of the Terra ecosystem.

Additionally, if Kwon is extradited to the United States, he will be facing eight charges, including commodity fraud, securities fraud, wire fraud, and market manipulation.

The collapse of Terraform Labs in May 2022 was one of the biggest catalysts that triggered the downturn in the cryptocurrency market. The loss of the dollar peg of Terra’s stablecoin UST caused billions of dollars in losses.

Besides, his extradition will be a significant development for the cryptocurrency industry. By being held responsible for the collapse of the Terra ecosystem, he will try to restore confidence in the cryptocurrency market.

Kwon’s extradition process

Kwon’s extradition process will begin with talks between the Montenegrin government and the US government. The talks will determine the legal terms and conditions of Kwon’s extradition. If Kwon is extradited, he will be tried in the United States. If Kwon is found guilty, he could face decades in prison.

Impact of Kwon’s extradition

The extradition of Do Kwon will be a significant development for the cryptocurrency industry. By being held responsible for the collapse of the Terra ecosystem, he will try to restore confidence in the cryptocurrency market. Also, the extradition of Kwon could be a turning point for the cryptocurrency market. If he is found guilty, it is expected to have a significant negative impact on the cryptocurrency market.

READ: Montenegro Approved the Extradition of Do Kwon to South Korea or USA!

Also, feel free to share your thoughts on the topic in the comments. Besides, don’t forget to follow us on Telegram, YouTube, and Twitter for more analysis and updates.