Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, where he faces charges of having deceived investors about the stability of the TerraUSD cryptocurrency and how an app used the Terraform blockchain.

Terraforms Labs CEO Do Kwon spent the last day of 2024 getting extradited to the US, Reuters reports. Kwon faces charges in the US for "orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.

Terraform Labs co-founder Do Kwon has pleaded not guilty to U.S. fraud charges after being extradited from Montenegro.