The disgraced co-founder of the Terra (LUNA) ecosystem is scheduled to appear in a US court today after being recently extradited from Montenegro.
According to a new report from Reuters, Do Kwon is facing fraud charges in the United States in connection with the multi-billion dollar Terra sinking in 2022 and will appear in court for the first time in the matter.
Kwon was first arrested in the Balkan nation in March 2023 after he was caught trying 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 on demand to lock its price at $1. However, the mechanism failed and resulted in a greatly inflated supply of both assets, causing prices to plummet.
After his arrest, two nations – the United States and South Korea – wanted him extradited to face prosecution. However, last month, Montenegro’s highest court ruled that Kwon should be extradited to the United States, but rejected South Korea’s request.
The court also recently dismissed Kwon’s appeal…
