Terraform Labs Founder Do Kwon Extradited to The US: Report

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Terraform Labs Founder Do Kwon Extradited to The US: Report

After months of uncertainty, Terraform Labs co-founder and former CEO Do Kwon has finally been extradited to the United States from Montenegro. According to a report by Vijesti, the transfer from local authorities took place on December 31 at the Podgorica Airport border cross. Meanwhile, the U.S won the extradition request despite South Korea where Do Kwon holds citizenship fought keenly for his custody.

The Do Kwon Extradition Dilemma

According to the Vijesti report, the Terraform Labs founder faced the extradition with help from the NCB Interpol Podgorica officials. The Interpol collaborated with the Montenegro Special Police Unit to complete the extradition. This move marks an end to a process that began from as early as September 14, 2022.

The controversial extradition battle ended last week in favor of the United States. This came as the country’s Minster of Justice Bojan Bozovic signed the extradition orders, upholding an ealier court ruling. In reality, since the March 2023 arrest of Do Kwon in Montenegro, there has been series of rulings regarding his extradition hurdles.

At a time, the entire extradition process became delayed due to the appeal filed directly by the Terraform Labs co-founder. The extradition is now confirmed by Prime Minister Milojko Spajic

With this extradition to the US, he will face charges directly linked to the collapse of the Terra-LUNA ecosystem.

What Next for Terra Classic?

When the Do Kwon led the Terraform Labs ecosystem collapsed in 2022, the protocol saw a forking that lead to the creation of Terra Classic and Terra. While LUNA marked the new protocol, LUNC retained the original features, albeit with highly diluted supply.

The ecosystem has continued to try different methods to restore the value of LUNC, including a Binance-backed LUNC upgrade. The Terra Luna Classic major v3.3.0 upgrade simplifies tax handling by automatically deducting it from the amount sent before it reaches the recipient’s wallet. This upgrade aims to enhance security and overall protocol usability.

Beyond this, the LUNC token burning campaign is also advancing with a new 50 million stash sent to dead wallet. The expectation is that these deflationary shift can help revive the price of LUNC in the long term.

As of writing, the price of Terra Classic was pegged at $0.0001088, down by 2.2% in 24 hours.

 

The post Terraform Labs Founder Do Kwon Extradited to The US: Report appeared first on CoinGape.

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