Crypto NewsAltcoinTerra Founder Charged with Fraud! Return Process Extended!

Terra Founder Charged with Fraud! Return Process Extended!

Prosecutors filed an indictment against Terra founder Do Kwon for fraud.

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Terraform founder Do Kwon, who disappeared after the Terra collapse in May 2022, was arrested in Montenegro in March.

After his arrest, South Korean authorities demanded Do Kwon's extradition.

Montenegrin prosecutors have prepared an indictment against Do Kwon, whose extradition process is still ongoing, alleging that he forged an official document.

Prosecutors claimed that the Terra founder forged his passport and other identity documents when he was caught boarding the plane to Dubai.

Experts said the Montenegrin prosecutor's office alleged fraudulent charges could delay Kwon's extradition.

Because prosecutors demanded an extension of Do Kwon's detention.

Terra founder Do Kwon could face a prison sentence of three months to five years if found guilty of this fraud charge.

What Happened?

The events that started with Terraform Labs' algorithmic stablecoin TerraUSD (UST) losing its peg to the dollar in May 2022 caused Terra (LUNA) to approach almost zero dollars and the Terra system to collapse.

While many LUNA investors were adversely affected by this collapse, it also triggered many events such as the bankruptcy of cryptocurrency lending protocol Celsius and cryptocurrency exchange FTX.

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