Do Kwon has been extradited to the United States! Facing 400 billion USD LUNA fraud charges

The extradition war between the United States and South Korea against Terraform Labs co-founder Do Kwon was finally won by the United States, and the Prime Minister of Montenegro announced yesterday that Do Kwon has been extradited to the United States for trial by 2025. (Synopsis: Is it true this time?) Montenegrin court ruled to extradite Do Kwon back to South Korea) (Background added: What is Do Kwon's wishful thinking when he appealed to the Montenegrin court for extradition to South Korea? The U.S. and South Korean scramble for the priority extradition of Terraform Labs co-founder Do Kwon from Montenegro (also known as Montenegro) has finally come to an end. Montenegrin Prime Minister Milojko Spajić announced on X last night: Today, Montenegro completed the extradition of Do Kwon to the United States to face charges in the Terra/Luna case. Our country welcomes innovative as well as legitimate cryptocurrency, AI and other tech entrepreneurs – but we have zero tolerance for fraud. Today Montenegro completed the extradition of Do Kwon to the United States to face charges in the Terra/Luna case. Our nation WELCOMES INNOVATION and legitimate crypto, AI and other tech entrepreneurs – but we have ZERO TOLERANCE FOR FRAUD. This extradition demonstrates our... — Milojko Spajić (@MickeySpajic) December 31, 2024 $40 billion wiped out In May 2022, TerraUSD and its related Token Luna crashed, and the $40 billion Market Cap went to zero in a very short period of time, resulting in a large number of investor financial losses and a series of derivative regulatory reviews. Do Kwon faces securities fraud, telecommunications fraud and conspiracy charges related to the Terraform Labs cryptocurrency crash in both the U.S. and South Korea. But after he was arrested in March 2023 while trying to leave Montenegro, he spent nearly nine months in a legal battle over where to extradite him before he was finally extradited to the United States to face $40 billion in fraud charges. The former COO of the US Commodity Futures Trading Commission has said: Terra called Stable Coin tried to imitate the US dollar, but ended in a spectacular failure, it tried to maintain its value with Cryptocurrency, so it was very unstable and depreciated sharply in a short period of time. The History and Collapse of Terraform Kwon co-founded Terraform in 2018 with co-founder Daniel Shin. In 2020, the company ambitiously announced the launch of Stable Coin called TerraUSD (UST), claiming that its value would be pegged to the US dollar, providing investors with a safe haven to circumvent Fluctuation, a market for other encryption assets. Stable Coin usually maintains its specific value through a basket of underlying assets such as cash and short-term government bonds, and allows investors to exchange them at any time. However, Terraform claims that UST will use a unique mechanism to maintain its value link to the U.S. dollar through a sophisticated algorithm by pegging another token called LUNA to the company's issuance. If the value of UST deviates by $1, traders are theoretically incentivized to return value to the target level by buying or selling Stable Coin. At the beginning of 2022, UST and LUNA were very popular, of which LUNA once became the top 10 cryptocurrency in the global comprehensive ranking of circulating coin value, and UST also performed well. Market analyst Noelle Acheson said: "The mechanism is both interesting and new, and many smart people believed that it would work successfully." In May 2022, a sudden storm swept through the cryptocurrency market. When a large number of UST holders began to sell this token in large quantities, UST quickly broke away from the peg to the US dollar, the market fell into panic, and triggered a wider wave of selling, and the price of UST also fell to almost zero. At the same time, other tokens related to LUNA and Terraform also suffered hard, and the Market Cap shrank significantly. "The smart mechanism claimed by UST is based on the false assumption that people expect it to correct itself, so it can correct itself," Acheson said. She further pointed out, "[Kwon] has misled many investors by making unrealistic marketing claims about the stability of Stable Coin." Related reports The SEC requires Terra and Do Kwon to pay a huge fine of $5.3 billion, and the extradition result is undetermined Do Kwon and Terra were convicted of fraud by the United States, and the details of the loss were revealed Do Kwon fugitive accomplice? Montenegro's prime minister was revealed to be an early investor in Terra, holding 750,000 LUNA Do Kwon, Terraform's fraud lawsuit with the SEC has been "initially settled" LUNA heard the news jumped 40%|The whole case is sorted out "Do Kwon has been extradited to the United States! Facing $40 billion LUNA fraud allegations" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".