Terraform Labs Founder Do Kwon Extradited to The US: Report

Terraform Labs Founder Do Kwon Extradited to The US: Report

by

After months of uncertainty, Terraform Labs co-founder and former CEO Do Kwon has finally been extradited to the United States from Montenegro. According to a report by Vijesti, the transfer from local authorities took place on December 31 at the border crossing at Podgorica Airport. Meanwhile, the United States won the extradition request even though South Korea, of which Do Kwon is a citizen, fought hard for his detention.

Do Kwon’s extradition dilemma

According to a Vijesti report, the Terraform Labs founder faced the handover with the help of NCB Interpol Podgorica officials. Interpol cooperated with the Montenegrin Special Police Unit to complete the extradition process. This step marks the end of the process that began on September 14, 2022.

The controversial extradition battle ended last week in favor of the United States. This came as Justice Minister Albojan Bozovic signed the extradition orders, which upheld a more recent court ruling. In fact, since Do Kwon’s arrest in Montenegro in March 2023, there have been a series of rulings on hurdles to his extradition.

At one point, the entire delivery process was delayed due to an appeal made directly by the co-founder of Terraform Labs. Prime Minister Milojko Spajic has now confirmed the handover

Upon extradition to the United States, he will face charges directly related to the collapse of the Terra-LUNA ecosystem.

What’s next for Terra Classic?

When Do Kwon led the Terraform Labs ecosystem to collapse in 2022, the protocol underwent a fork that led to the creation of Terra Classic and Terra. While LUNA flagged the new protocol, LUNC retained the original features, albeit with a greatly toned-down presentation.

The ecosystem has continued to experiment with different methods to recover the value of LUNC, including a Binance-backed LUNC upgrade. The major Terra Luna Classic 3.3.0 upgrade simplifies handling taxes by automatically deducting them from the sent amount before it reaches the recipient’s wallet. This upgrade aims to enhance the overall security and usability of the protocol.

Furthermore, the LUNC token burn campaign is also progressing with a new amount of 50 million being sent to the dead wallet. This deflationary shift is expected to help revive the LUNC price in the long term.

As of writing, Terra Classic’s price is pegged at $0.0001088, down 2.2% in 24 hours.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to drive public acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to popular media and websites based on blockchain technology. Benjamin Godfrey is a sports and farming enthusiast.

Follow him on X, LinkedIn

Disclaimer: The provided content may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.

Source: https://coingape.com/terraform-labs-founder-do-kwon-extradited-to-the-us-report/

Leave a Comment