Crypto Tycoon Do Kwon to Face U. S. Justice After Montenegro Extradition

Montenegro has decided to send crypto entrepreneur Do Kwon to the United States. This follows a long legal battle and his arrest in March 2023 with a fake passport. Kwon's lawyers aren't happy, saying the decision breaks laws and European conventions. For over a year, both South Korea and the U. S. have been chasing Kwon. They blame him for a crypto scam that cost investors $40 billion. His company, Terraform Labs, created a 'stablecoin' called TerraUSD. It promised to be steady like the U. S. dollar but crashed in 2022. Many saw Kwon as a genius before the crash. But experts now say he ran a Ponzi scheme, tricking people into losing their savings. After the collapse, Kwon fled South Korea and Singapore before his arrest in Montenegro. Montenegro's Constitutional Court cleared the way for extradition. They said Kwon's rights were protected during court proceedings. His Montenegrin lawyers disagree, saying they didn't get the full decision. They think Kwon's rights to defend himself and appeal are being violated. Before Kwon, Montenegro sent his business partner to South Korea. Terraform Labs filed for bankruptcy in the U. S. in January. This lets them keep running their business while dealing with legal issues. Cryptocurrencies are under more scrutiny after scandals like FTX's collapse. Regulators are watching more closely.