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The Daily Hodl 2025-01-02 19:41:40

Recently Extradited Terra (LUNA) Founder Do Kwon Set To Appear in U.S. Court Today: Report

Recently Extradited Terra (LUNA) Founder Do Kwon Set To Appear in U.S. Court Today: Report

The disgraced co-founder of the Terra (LUNA) ecosystem is set to appear in a US court today after recently being extradited from Montenegro. According to a new report by Reuters, Do Kwon is facing fraud charges in the US related to the multibillion-dollar downfall of Terra in 2022 and will make his first court appearance on the matter. Kwon was initially arrested in March of 2023 in the Balkan nation after being caught attempting to board a flight to the United Arab Emirates with a fake Costa Rican passport. He had been evading authorities since the crash of Terra and its associated assets, TerraUSD and LUNA. TerraUSD was an algorithmic “stablecoin” designed to mint more LUNA if necessary as a means of keeping its price pegged to $1. However, the mechanism failed and left both assets with highly inflated supplies, causing their prices to plummet. After his arrest, two nations – the United States and South Korea – wanted him extradited to face criminal charges. However, last month the highest court in Montenegro ruled that Kwon is to be extradited to the U.S. while rejecting South Korea’s request. The court also recently turned away Kwon’s appeal on the matter, noting that he met all the criteria to be extradited to the U.S. Kwon is charged with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy, according to the report. He is set to appear in a New York federal court. If convicted on all counts, he faces decades behind bars. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/SBI/WindAwake The post Recently Extradited Terra (LUNA) Founder Do Kwon Set To Appear in U.S. Court Today: Report appeared first on The Daily Hodl .

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