Summary
TLDR: Do Kwon, founder of Terra crypto ecosystem, will be extradited to South Korea on charges of violating capital markets rules. Terra collapsed in May 2022, wiping out $40 billion in investors’ money. Do Kwon also faces charges in the U.S. for attempting to travel on a fake passport. If found guilty, he could face over four decades in jail in both countries.
Key Points
1. Disgraced tech entrepreneur Do Kwon will be extradited to his home country of Korea, following a ruling by a Montenegro court.
2. Do Kwon founded Terra, a popular crypto ecosystem with a focus on algorithmic stablecoins, which later collapsed, wiping out billions in investors’ money.
3. If found guilty, Do Kwon could face serious jail time in both America and Korea, potentially spending over four decades behind bars.