Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, the interior ministry said.Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs,

Terra Classic (CRYPTO: LUNC), the native token of the Terra ecosystem, rallied on New Year’s Day amid disgraced co-founder Do Kwon’s extradition from Montenegro to the U.S. Kwon, co-founder of Terraform Labs,

Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.

Do Kwon, the co-founder of collapsed cryptocurrency startup Terraform Labs, will be extradited to the U.S. to face federal fraud charges.

Montenegrin Justice Minister Bojan Bozovic has ordered the extradition of Terraform Labs co-founder Do Kwon, also wanted by South Korea, to the United States, the ministry said on Friday.

Kwon, who had been detained in Montenegro since March 2023 was handed over to US authorities following a lengthy legal battle. His arrest came six months after Interpol issued a “red notice” warrant,

Montenegro on Tuesday extradited a South Korean mogul known as “the cryptocurrency king” to the United States, following a decision of its justice ministry earlier this month to accept a U.S. request,

Montenegro's Justice Minister has approved the extradition of Terraform Labs co-founder Do Kwon to the U.S. He is also sought by South Korea. Kwon, linked to the collapse of stablecoin TerraUSD, was detained in March 2023.

Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, where he faces charges of having deceived investors about the stability of the TerraUSD cryptocurrency and how an app used the Terraform blockchain.

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.