2024-12-31
Terraform Labs co-founder Do Kwon will face securities fraud charges in the US
Terraforms Labs CEO Do Kwon spent the last day of 2024 getting extradited to the US, Reuters reports. Kwon faces charges in the US for "orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities." The Terraforms co-founder has been held in Montenegro since March 2023, when he tried to board a flight with a forged passport — six months after Interpol put out a "red notice" warrant for his arrest.<br /> South Korean-based Terraforms Labs wiped out $40 billion from the crypto market when its TerraUSD and Luna stable coins turned out to not be so stable and collapsed in May 2022. Kwon had already fled South Korea the month before.<br /> The US announced its charges in February 2023, [...]
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