Crypto Boss Extradited to Face $40bn Fraud Charges
The co-founder and former CEO of a cryptocurrency business has been extradited to the US to face fraud charges.
South Korean national Do Hyeong Kwon, 33, appeared in a Manhattan court on Thursday after being extradited from Montenegro on Tuesday.
Between 2018 and 2022, he is accused of defrauding investors in Terraform cryptocurrencies, resulting in losses of over $40bn.
According to the Department of Justice (DoJ), Kwon knowingly made false claims about Terraform’s products, creating the illusion of a fully functioning and stable decentralized finance system.
This in turn inflated the value of Terraform cryptocurrencies, which Kwon allegedly then sold to investors in return for billions of dollars’ worth of other assets.
