Terra founder Do Kwon faces U.S. extradition by mid-March, lawyer says

Finance

Published: 15 Jan. 2024, 17:29

Terra founder Do Kwon faces U.S. extradition by mid-March, lawyer says

Korean cryptocurrency entrepreneur, co-founder of Terraform Labs (Terra Luna), Do Kwon, is taken to court in Podgorica on June 16, 2023, following his arrest on March 24 at the Montenegrin capital's international airport. [AFP/YONHAP]

Terraform Labs co-founder Do Kwon could be extradited to the United States by March to face charges of fraud.

The civil trial for Kwon, who is currently in custody in Montenegro for traveling on a fake passport, is set to begin on Jan. 29 in Manhattan federal court. Kwon is seeking to delay the civil trial until at least March 18 so he can take part, according to a report from Bloomberg on Saturday.

“Mr. Kwon’s extradition process in Montenegro is in its final stages, and Montenegro could order extradition at any moment,” David Patton, Kwon’s lawyer, said in filing Thursday in Manhattan federal court, the report said. “Accordingly, we understand that Mr. Kwon could be in the United States as soon as the middle of March.”

Kwon, the co-founder of Singapore-based Terraform Labs, is wanted for fraud in both the United States and Korea. Kwon, a Korean citizen, has been criticized for the crash of Terraform Labs’ TerraUSD and Luna coins in May 2022, which eliminated nearly 50 trillion won ($38 billion) of market value.

Montenegro’s Justice Minister Andrej Milovic, who will make the final decision on Kwon’s extradition, plans to extradite Kwon to the United States rather than Korea, according to a Wall Street Journal report last month.

BY JIN MIN-JI [jin.minji@joongang.co.kr]