Do Kwon Fights SEC Extradition Request Over Terra and Luna Stablecoin Collapse

Do Kwon, the South Korean entrepreneur behind collapsed $65 million stablecoin project Terra and its $27 million spinoff Luna, is reportedly fighting extradition from Malaysia, where he currently resides, to the United States.

The Securities and Exchange Commission (SEC), which slapped Kwon with a lawsuit over Terra and Luna last November, accuses the entrepreneur of committing “ongoing fraud” by “garnering investments of over $92 million into unregistered digital asset securities through deceptive and misleading means.”

Kwon, however, appears to be pushing back against the SEC’s efforts to extradite him, according to a report from the South China Morning Post, citing judicial documents related to the case.

Kwon made headlines in November after the SEC accused him of misappropriating a “significant” portion of the investor funds raised for both Terra and Luna. The stablecoins—backed by the South Korean won and U.S. dollar, respectively—were intended to facilitate cross-border payments.

Online Investing Daily

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!