United

Terra

Read

A Montenegro court has extended the custody of Terra founder Do Kwon by two more months while South Korea and the U.S. remain seeking his extradition. 
Marija Rakovic, a spokesperson for the country’s Higher Court in the capital Podgorica, confirmed in a commentary to AFP that <a href="https://crypto.news/tag/do-kwon/" target="_blank" rel="noreferrer noopener">Kwon Do-hyung</a>‘s extradition custody has been “expanded by two months,” Barron’s reports. 
It is still unclear to which country the disgraced crypto entrepreneur would be deported to. 
The United States <a href="https://crypto.news/wsj-montenegro-mulls-do-kwons-extradition-to-the-u-s/" target="_blank" rel="noreferrer noopener">requested</a> the extradition of Do Kwon from Montenegro in early December 2023, accusing him of fraud and market manipulation in connection with the collapse of <a href="https://crypto.news/tag/terrausd/" target="_blank" rel="noreferrer noopener">TerraUSD</a>, an algorithmic stablecoin that lost its peg to the U.S. dollar in 2022. 
South Korean authorities also allege that Kwon engaged in fraudulent and manipulative activities in connection with the collapse of TerraUSD. They claim that he misled investors about the stability of the stablecoin and that he orchestrated its collapse to profit from the resulting market chaos. 
 You might also like: <a href="https://crypto.news/do-kwon-appeals-extradition-decision-from-montenegrin-high-court/"> Do Kwon appeals extradition decision from Montenegrin high court </a> 
The final decision rests with Montenegro’s Minister for Justice, Andrej Milovic, who has communicated his plans to surrender Kwon to American authorities to a few officials. Per the Wall Street Journal, Milovic has also&nbsp;informed&nbsp;the U.S. ambassador about the upcoming move. 
According to various calculations, the collapse of TerraUSD wiped out an estimated $40 billion of investors’ money and sent shockwaves through the global cryptocurrency market. 
As crypto.news <a href="https://crypto.news/u-s-sec-pursues-summary-judgment-in-case-against-do-kwon-and-terraform-labs/" target="_blank" rel="noreferrer noopener">reported</a>, the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/">SEC</a>) filed a lawsuit against Kwon for selling unregistered securities in TerraUSD and for misleading investors in marketing materials about the stability and security of the algorithmic stablecoin. 
 Read more: <a href="https://crypto.news/sec-seeks-judicial-ruling-on-crypto-asset-classification-in-terraform-labs-case/"> SEC seeks judicial ruling on crypto asset classification in Terraform Labs case </a>

Montenegro court extends custody of Terra’s Do Kwon

crypto.news

Other articles published on Dec 12, 2023

5 Reasons Why Solana (SOL) and Chainlink(LINK) Price Could Reach Triple Digits in 2025

WisdomTree Named as a 2023 Best Places to Work in Money Management by Pensions & Investments for ...

Bitcoin (BTC) Spurs Investor Interest In Coinbase; InQubeta Thrives In Presale With Over $6.6 M R...

Spotlight on Aave: Altcoin’s Rising Trajectory

Latest BlackRock ETF Change Opens Bitcoin Investment Doors for Top Global Banks

FTX Debtors Challenge IRS Over Whopping $24 Billion Tax Claim

Join our free newsletter for daily crypto updates!