Summary
TLDR: Former Terra Luna crypto kingpin Do Kwon will be extradited to South Korea to face fraud charges. A Montenegrin court ruled in favor of South Korea over the US. Kwon’s extradition was based on procedural factors, including who filed first. Regulators in both countries want Kwon to face charges of a $40 billion fraud. Kwon evaded law enforcement until being arrested in Montenegro. Former FTX CEO Sam Bankman-Fried will also face trial for crypto fraud.
Key Points
1. Former Terra Luna crypto kingpin Do Kwon will be extradited to South Korea to face fraud charges related to the collapse of Terra Luna. A Montenegrin court ruled in favor of South Korea in a court proceeding yesterday.
2. A judge ruled yesterday that Kwon will go to South Korea following a competing request from authorities in the US, meaning that the US Securities and Exchange Commission will have to lobby for extradition to face fraud charges in the US.
3. Regulators in both South Korea and the US want Kwon to face charges of a $40 billion fraud following the collapse of the Terra Luna ecosystem in 2022.