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A court in the Balkan country of Montenegro has ruled that Do Kwon, the co-founder of the cryptocurrency firm Terraform Labs, should be extradited to the United States to face fraud charges rather than to his home country, Korea, The Wall Street Journal reported Wednesday.
Terraform Labs co-founder Do Kwon, who was apprehended in Montenegro over his alleged involvement in a $40 billion cryptocurrency fraud, is slated for extradition to the United States where he could potentially face a more severe sentence compared to what he might receive in Korea.
Last week, Judge Jed Rakoff moved the start date of the SEC v. Terraform Labs and Kwon $40 billion fraud case trial to March 25 from the initial Jan. 29 start date, following an appeal from the
Earlier this week, the SEC agreed to postpone the civil litigation involving Kwon, which is strategically aimed at facilitating Kwon's extradition, thereby ensuring his presence during the trial.
Do Kwon could be in the U.S. by mid-March to attend the trial in the $40 billion crypto fraud case.