Terraforms Labs CEO Do Kwon spent the last day of 2024 to be extradited to the US, Reuters reports. Kwon is facing charges in the US for “orchestrating a multi-billion dollar crypto asset securities fraud involving algorithmic stablecoins and other crypto asset securities.” The co-founder of Terraforms has been held in Montenegro since March 2023, when he tried to board a flight with a fake passport – six months later. Interpol issued a “red notice” warrant for his arrest.

South Korea-based Terraforms Labs wiped out $40 billion from the crypto market when TerraUSD and Luna stable coins became unstable and collapsed in May 2022. Kwon already fled South Korea last month .

The US announced its tariffs in February 2023, with SEC chair Gary Gensler stated“We allege that Terraform and Do Kwon failed to provide the public with full, fair, and honest disclosure as required for a host of crypto asset securities, particularly for Luna and TerraUSD. We also alleging that they committed fraud by repeating false and misleading statements to build confidence before causing devastating losses to investors.” South Korea issued similar charges.

Montenegro does not have an extradition treaty with the US or South Korea. The request was made in court a year and a half ago, with Montenegro’s Justice Minister Bojan Bozovic ordering Kwon’s extradition last week. Terraform Labs filed Chapter 11 bankruptcy protection in the US in January.