Crypto mogul Do Kwon liable in US civil fraud trial, finds jury

Washington, Apr 6 (IANS): A jury in New York found crypto mogul Do Kwon and his company, Terraform Labs, liable on civil fraud charges, news outlets reported, as he is in Montenegro pending a process to determine whether he should be extradited to his home country, South Korea, or the US.

The jury agreed with the US Securities and Exchange Commission that Kwon and the company misled investors before TerraUSD stablecoin's collapse in 2022, according to news outlets.

The jury's verdict in Manhattan federal court came amid uncertainty over where he would be extradited as Kwon is wanted by both South Korea and the U.S on charges related to the crypto crash, reports Yonhap news agency.

The top court in Montenegro decided to scrap an earlier decision to extradite Kwon to Korea and sent the case back to a lower court, according to Montenegrin daily Vijesti.

Last month, the top court decided to defer Kwon's extradition to Korea after the top prosecutors' office made a request to review whether the procedures that led to the extradition decision were legal.

Kwon was captured at an airport in Montenegro in March last year when he was reportedly trying to board a plane bound for the United Arab Emirates on a forged passport. He had been on the loose after fleeing Korea amid a probe in connection with the crypto debacle.

South Korean prosecutors have sought the extradition of Kwon on allegations related to the crash of Terraform Labs' TerraUSD and Luna coins in May 2022. The crash was estimated to have wiped out nearly 50 trillion won ($37 billion) in market value.



Top Stories

Leave a Comment

Title: Crypto mogul Do Kwon liable in US civil fraud trial, finds jury

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.