Former Cryptocurrency Tycoon Do Kwon Arrested for TerraUSD Stablecoin Crash, U.S. Seeks Extradition

Former cryptocurrency mogul Do Kwon was in hiding for months after his TerraUSD stablecoin collapsed in 2022 and was finally arrested in the Republic of Montenegro for traveling on a fake passport. Since then, he has been caught up in an institutional tug-of-war in Montenegro, where the country's Department of Justice has argued that Kwon should be handed over to the U.S. while the courts decide whether the conditions for extradition have been met. "The United States continues to seek Kwon's extradition in accordance with relevant international and bilateral agreements and Montenegrin law," the U.S. Department of Justice said in a March 7 statement. U.S. prosecutors are eager to move forward with the Kwon case, part of a series of high-profile cases in which prosecutors and regulators aim to exert greater control over the crypto industry.