Jurors discover cryptocurrency tycoon Do Kwon was found guilty of civil fraud in the United States
Crypto tycoon Do Kwon, who is now in Montenegro while awaiting extradition to either the US or his native South Korea, was found responsible on civil fraud counts by a jury in New York, according to news agencies.
According to news agencies, the jury found in favor of the US Securities and Exchange Commission that Kwon and the business deceived investors prior to the collapse of the TerraUSD stablecoin in 2022.
Kwon is wanted by both South Korea and the United States on accusations relating to the cryptocurrency meltdown, so the jury’s decision in Manhattan federal court came amid ambiguity about where he would be extradited, according to Yonhap news agency.
According to the Montenegrin daily Vijesti, the top court in Montenegro chose to rescind its previous ruling to extradite Kwon to Korea and remand the case to a lower court.
The top prosecutors’ office requested a review of the legality of the procedures that resulted in the extradition decision, and last month the top court agreed to postpone Kwon’s extradition to Korea.
In March of last year, Kwon was allegedly trying to board a flight with a falsified passport that was headed for the United Arab Emirates when he was apprehended at a Montenegrin airport. He had escaped Korea amid an investigation related to the cryptocurrency scandal, and he has been at large ever since.
Prosecutors in South Korea have requested Kwon’s extradition on grounds that he was involved in the May 2022 crash of Terraform Labs’ TerraUSD and Luna currencies. Market value was believed to have been destroyed by the fall at close to 50 trillion won ($37 billion).
