The extradition of two coins to America, the fall of 40 billion dollars of tera

Du Quan will be extradited to the United States to face trial in connection with the $40 billion collapse of the cryptocurrency Terra. Since the fugitive’s arrest in Montenegro last year, South Korea and the United States have been at odds over which country has the right to try Kwan.

According to Tekna Technology News Media Legal Service According to BloombergDe Cowan, the founder of bankrupt cryptocurrency firm Terraform Labs, will be extradited to the United States to face trial on federal fraud charges. The Ministry of Justice of Montenegro announced this decision on Friday. The decision comes more than a year after authorities arrested Cowan in the country. This arrest was a turning point in the judicial pursuit of a case that had attracted the attention of many around the world.

Kwan is facing charges in the US and South Korea after the 2022 collapse of the TerraUSD stablecoin and its sister token Luna. This crash led to the loss of 40 billion dollars of investors’ capital. Both countries have submitted requests for Cowan’s extradition and have been waiting months for Montenegro’s decision. This case is of particular importance due to its extensive financial dimensions and its impact on the digital currency market.

“It was concluded that most of the criteria provided by the law support the extradition request of the competent authorities of the United States of America,” the statement of the Ministry of Justice of Montenegro, which was translated by machine, read. The statement did not specify when Montenegro plans to extradite Cowan to the United States. As noted by Bloomberg, it is unclear whether the decision is final, as Montenegro ordered Kwan’s extradition to South Korea in August. This ambiguity shows the legal complexities of this case.

Last year, federal prosecutors in New York charged Cowan with wire fraud, commodities fraud, securities fraud and conspiracy to commit fraud and market manipulation. In June, Terraform Labs and Kwan agreed to pay more than $4.5 billion to settle a separate SEC lawsuit. This agreement was part of the efforts to compensate the damages caused to the investors. This case still has different dimensions that require careful investigation and follow-up. To see more news, visit the digital currency news page.