The disgraced co-founder of the Terra (LUNA) ecosystem is about to seem in a US court docket right this moment after just lately being extradited from Montenegro.
In keeping with a brand new report by Reuters, Do Kwon is going through fraud prices within the US associated to the multibillion-dollar downfall of Terra in 2022 and can make his first court docket look on the matter.
Kwon was initially arrested in March of 2023 within the Balkan nation after being caught making an attempt to board a flight to the United Arab Emirates with a faux Costa Rican passport. He had been evading authorities for the reason that crash of Terra and its related property, TerraUSD and LUNA.
TerraUSD was an algorithmic “stablecoin” designed to mint extra LUNA if vital as a way of conserving its value pegged to $1. Nevertheless, the mechanism failed and left each property with extremely inflated provides, inflicting their costs to plummet.
After his arrest, two nations – the USA and South Korea – needed him extradited to face felony prices. Nevertheless, final month the very best court docket in Montenegro dominated that Kwon is to be extradited to the U.S. whereas rejecting South Korea’s request.
The court docket additionally just lately turned away Kwon’s attraction on the matter, noting that he met all the factors to be extradited to the U.S.
Kwon is charged with two counts every of securities fraud, wire fraud, commodities fraud and conspiracy, based on the report. He’s set to seem in a New York federal court docket. If convicted on all counts, he faces a long time behind bars.
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