Alleged crypto fraudster Do Kwon was facing multiple federal charges in the United States Thursday after being extradited from Montenegro. He was a fugitive wanted in the 2022 $40 billion TerraUSD collapse.

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,

Terraform Labs unsuccessfully fought the US indictment before filing for bankruptcy in the US in January 2024. Do Kwon agreed in June 2024 to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement Terraform reached with the US Securities and Exchange Commission.

The South Korean co-founder of Terraform Labs had been on the run following fraud allegations over the cryptocurrencies he developed.

Montenegro's Minister of Justice, Bojan Božović, said in a statement he approved the Terraform founder's extradition to the U.S. rather than South Korea.

A South Korean national, Kwon is the former CEO of Terraform Labs, the company behind the stablecoin TrraUSD that collapsed in 2022.

Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States.

Terraform Labs co-founder and TerraUSD and Luna Do Kwon pleaded not guilty in Manhattan federal court. A nine-count indictment alleging securities fraud, wire fraud, and money laundering conspiracy. Federal prosecutors claim Kwon misled investors about the stability of TerraUSD,

Do Kwon, the South Korean crypto mogul bring behind the multibillion-dollar Terraform (UST-USD) collapse in 2022, pleaded not guilty to criminal fraud charges after his extradition to the U.S. on Dec.

Do Hyeong Kwon, the 33-year-old co-founder and former CEO of Terraform Labs, has been extradited from Montenegro to the United States to face serious fraud charges. Kwon’s involvement in the collapse of cryptocurrencies linked to Terraform caused devastating losses,