Korean crypto mogul Kwon Do-hyeong will stand trial on criminal fraud charges in the United States in January next year as he was extradited from Montenegro to face the charges late last month, according to Bloomberg.
Terraform Labs, the platform behind the collapsed stablecoin TerraUSD, has been approved by a U.S. court to wind down operations in bankruptcy on Thursday after agreeing to a $4.47 billion settlement with the U.S. Securities and Exchange Commission.
Montenegro's prime minister, Milojko Spajic, was found to have invested in Terraform Labs' Luna cryptocurrency, rekindling interest in his ties to Do Kwon.
The disgraced founder of Terraform Labs, behind TerraUSD and Luna, agreed to settle the lawsuit brought by the U.S. SEC over the collapse of the cryptocurrencies.
Lawyers representing crypto company Terraform Labs and its disgraced founder Do Kwon demanded a reduced fine from the U.S. Securities and Exchange Commission (SEC), which proposed a $5.3 billion fine over the crash of TerraUSD and Luna coins in 2022.
The Supreme Court of Montenegro scrapped the extradition of Terraform Labs founder Do Kwon to his home country of Korea.
Terraform Labs co-founder Do Kwon could be extradited to the United States by March to face charges of fraud.
Montenegro plans to extradite disgraced cryptocurrency entrepreneur Do Kwon to the United States to face criminal charges. Kwon, co-founder of Terraform Labs, was arrested in March after the crash of TerraUSD and Luna.
Terraform Labs co-founder Do Kwon was sentenced to four months in prison by a Montenegrin court for passport forgery. The Basic Court in Podgorica announced it handed four-month prison terms to both. They denied the charges during previous hearings.
Do Kwon's lawyers sought his bail in Montenegro for around $440,000 after he pleaded not guilty in court.
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