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The most important event that triggered the major collapse in the middle of 2022 was the collapse of the billion-dollar Terra ecosystem. A great destruction occurred, prices dropped from double digits to below zero. Investors holding the UST stablecoin suddenly witnessed the erosion of their dollar equivalent in their wallets. What followed is known to all of us, sleepless nights one after another.
Terra News
According to the latest report shared by WSJ, sources from within claim that Do Kwon will be extradited to the US. Senior officials in Montenegro are leaning towards extraditing Do Kwon to the US rather than his home country, South Korea. Terraform Labs is currently continuing its legal battle with the SEC.
Kwon, who has been held in prison in the Balkan country since March, is wanted by both the US and South Korea. Both countries are striving to prosecute and punish him due to the hardship experienced by their citizens. The biggest reason for the $40 billion collapse was a flaw in the token mechanism created by Kwon.
It was later revealed that Do Kwon was also responsible for the collapse of another algorithmic stablecoin. However, the founder of Terra was able to ensure the growth of the Terra ecosystem to over $40 billion in the previous project by remaining anonymous.
Justice Minister Andrej Milovic may soon make an official announcement regarding the extradition.
