Montenegrin authorities plan to extradite Terraform Labs co-founder Do Kwon to the United States or South Korea, depending on what a local judge decides. For those who don’t know, Terraform Labs was the company behind the $45 billion Terra Luna project that broke ground in May 2022.

Do Quan will be allowed to leave Montenegrin prison on the condition that he surrender his passport and travel documents on March 23.

Do Quan was arrested in March 2023

Eventually, Do Quan was arrested in March 2023 for using fake travel documents along with former Terraform Labs CFO Han Sang-joon.

The United States and South Korea long ago demanded Do Kwon’s extradition. If he ends up in the US, he faces a total of 8 charges.

In terms of size, Terra Luna’s eruption could rival that of FTX. Of course this is more about FTX, but don’t forget that Terra Luna (if we include the stablecoin) had a market capitalization of over 40 billion dollars.

FTX’s implosion did not result in a $40 billion capital loss. The indirect damage of FTX’s collapse was more than $40 billion, as the price of Bitcoin fell to $15,500.

Business permission is good

It is good for the business that all the suffering is finally coming to an end. Of course, it’s not fun for people to go to jail, but it’s a good warning for those who think they can do anything with crypto.

That’s not the case, and it’s very bad for Bitcoin’s reputation. Many outsiders cannot separate Bitcoin from FTX and Terra Luna. They look at crypto as a whole and don’t understand that they actually have nothing to do with each other.

So, to show that people are not made to play with capital, it is better to deal harshly with Do Kwon.

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