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.