A South Korean man accused of being responsible for a cryptocurrency crisis which cost investors A$64 billion has been extradited to the United States, bringing an end to legal proceedings lasting more than 18 months.
Do Kwon, was the ex-boss of Terraform, which operated two cryptocurrencies; TerraUSD and Luna, with fans of Luna being known as "Lunatics", with Kwon referred to as their "king".
However, both TerraUSD and Luna collapsed massively in 2022, despite a huge amount of money being poured into the coins, with more than 99% of its value being lost in 48 hours.
The U.S. says Kwon is responsible for the coins' failure, and have accused him of “orchestrating a multi-billion dollar crypto asset securities fraud”.
After a warrant for his arrest was issued, he fled South Korea and ended up in Montenegro, where he has now been extradited from following a long legal battle.
The Montenegrin Ministry of Justice approved the extradition earlier in December and claimed that Kwon had also agreed to it.
He was also previously found guilty by a Montenegro court for forging documents, having been arrested as he was attempting to board a plane to Dubai in 2023.
