Gaming Industry’Lunatic' crypto fugitive Do Kwon finally extradited from Montenegro to the US to face charges over $40 billion crashWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Gaming Industry’Lunatic' crypto fugitive Do Kwon finally extradited from Montenegro to the US to face charges over $40 billion crashWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
(Image credit: Filip Filipovic via Getty Images)
Do Kwon, the South Korean crypto baron and fugitive, has been extradited to the United States after going on the run in late 2022. Kwon was the man behind the company Terraform, which ran thecryptocurrenciesTerraUSD and Luna, both of which collapsed in 2022. That sparked a contagion in the wider crypto market, and they’re estimated to have cost investors $40 billion USD.
Do Kwon fled South Korea shortly after the crash, after an arrest warrant was issued, and eventually pitched up in Montenegro. He was arrested there in March 2023 after attempting to board a flight to Dubai, since when he’s been engaged in fighting his extradition: Montenegro does not have an extradition treaty with either South Korea or the United States.
But in December 2024 the Montenegrin Ministry of Justice approved his extradition to the United States, the Supreme Court having ruled all conditions were fulfilled, and claims Do Kwon himself agreed to it. The onetime king of crypto was handed over to the Feds at Podgorica airport, added Montenegro’s interior ministry in a statement.
Do Kwon will face charges of having deceived investors about the stability of the TerraUSD cryptocurrency, a so-called stablecoin which is intended to hold its value against a real-world asset (in this case the US dollar), and how an app was using the Terraform blockchain. The US says he Kwon was behind the failure of both assets and is guilty of “orchestrating a multi-billion dollar crypto asset securities fraud.” The charges include conspiracy to defraud, commodities fraud, securities fraud, and wire fraud.
Kwon has denied any wrongdoing until this point, though his plea could change now that he’s in the US justice system.
Do Kwon was both the boss and public face of TerraUSD and the self-described “Lunatic” driving the Luna cryptocurrency. The collapse of both in May 2022 saw their value plunge to near-zero, with Terraform Labs losing more than 99% of its value in 48 hours, sparking a wider panic and a loss of around $40 billion on crypto markets. This is considered the major factor behind that year’s wider crypto catastrophe, which got so bad it even dinked the crypto sector’s poster boys includingBitcoinand Ethereum. Numerous smaller crypto firms went under, as well as apparent giants like FTX (with that company’s founder Sam Bankman-Fried now doing 25 years).
The biggest gaming news, reviews and hardware deals
Terraform Labs unsuccessfully fought the US indictment before filing for bankruptcy in the US in January 2024. Do Kwon agreed in June 2024 to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement Terraform reached with the US Securities and Exchange Commission.
Do Kwon will soon appear before U.S. Magistrate Judge Robert Lehrburger in Manhattan federal court. It’s a far cry from his heyday in 2021, when the king of the “Lunatics” could do no wrong. Always outspoken, Do Kwon even tried to brazen it out when everything started collapsing around him. In his last interview to date, he got philosophical about the prospect of jail: “Life is long.” Yes, if you’re lucky. But when you carry the can for something like this, the jail time probably will be too.
TOPICSCryptocurrency
TOPICS
More about gaming industryLords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its gamesEpic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’Latest23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable communitySee more latest►
More about gaming industryLords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its gamesEpic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’Latest23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable communitySee more latest►
More about gaming industryLords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its gamesEpic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’
More about gaming industry
Lords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its gamesEpic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’
Lords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its games
Lords of the Fallen studio embraces fear of the DEI boogeyman, says it will not include ‘any social or political agendas’ in its games
Epic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’
Epic CEO Tim Sweeney says tech leaders are ‘pretending to be Republicans’ to gain favor with Trump, skirt antitrust laws, and ultimately ‘rip off consumers and crush competitors’
Latest23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable communitySee more latest►
Latest
23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable community
23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable community
23 year-old D&D RPG Neverwinter Nights just got a new update thanks to the ‘unpaid software engineers’ of its unkillable community
See more latest►
Most PopularSquare Enix launches new anti-harassment policy to protect its employees and partners from abusive fansThe Sims begins its 25th anniversary celebration next week with a Behind The Sims episode of news and announcementsPath of Exile 2 numberlord spends 16 straight days killing rare monsters to prove that a stat that makes loot better makes better lootPalestinian developer raises more than $200,000 to make Dreams on a Pillow, a game about the horrors of the 1948 NakbaPiranha Games will lay off employees after Mechwarrior 5: Clans ‘performed below projections’Marvel Rivals’ latest update quietly killed the game’s burgeoning mod sceneSorry everyone, Minecraft 2 is cancelled, and it might be our faultTeam Fortress 2 just had the single biggest trade in its history, with ‘the absolute best hat you can get’ going for around $40KIs the new RTX 5070 really as fast as Nvidia’s previous flagship RTX 4090 GPU? Turns out the answer is yes. Kinda.Elden Ring: Nightreign is getting a closed network test, and I’m totally not fuming because PC players aren’t invited to the party, or anythingIf you’re a content creator and gamer looking for a CPU upgrade, this Ryzen 9 9900X deal will get you $90 off
Most PopularSquare Enix launches new anti-harassment policy to protect its employees and partners from abusive fansThe Sims begins its 25th anniversary celebration next week with a Behind The Sims episode of news and announcementsPath of Exile 2 numberlord spends 16 straight days killing rare monsters to prove that a stat that makes loot better makes better lootPalestinian developer raises more than $200,000 to make Dreams on a Pillow, a game about the horrors of the 1948 NakbaPiranha Games will lay off employees after Mechwarrior 5: Clans ‘performed below projections’Marvel Rivals’ latest update quietly killed the game’s burgeoning mod sceneSorry everyone, Minecraft 2 is cancelled, and it might be our faultTeam Fortress 2 just had the single biggest trade in its history, with ‘the absolute best hat you can get’ going for around $40KIs the new RTX 5070 really as fast as Nvidia’s previous flagship RTX 4090 GPU? Turns out the answer is yes. Kinda.Elden Ring: Nightreign is getting a closed network test, and I’m totally not fuming because PC players aren’t invited to the party, or anythingIf you’re a content creator and gamer looking for a CPU upgrade, this Ryzen 9 9900X deal will get you $90 off
Most PopularSquare Enix launches new anti-harassment policy to protect its employees and partners from abusive fansThe Sims begins its 25th anniversary celebration next week with a Behind The Sims episode of news and announcementsPath of Exile 2 numberlord spends 16 straight days killing rare monsters to prove that a stat that makes loot better makes better lootPalestinian developer raises more than $200,000 to make Dreams on a Pillow, a game about the horrors of the 1948 NakbaPiranha Games will lay off employees after Mechwarrior 5: Clans ‘performed below projections’Marvel Rivals’ latest update quietly killed the game’s burgeoning mod sceneSorry everyone, Minecraft 2 is cancelled, and it might be our faultTeam Fortress 2 just had the single biggest trade in its history, with ‘the absolute best hat you can get’ going for around $40KIs the new RTX 5070 really as fast as Nvidia’s previous flagship RTX 4090 GPU? Turns out the answer is yes. Kinda.Elden Ring: Nightreign is getting a closed network test, and I’m totally not fuming because PC players aren’t invited to the party, or anythingIf you’re a content creator and gamer looking for a CPU upgrade, this Ryzen 9 9900X deal will get you $90 off
Most Popular
Square Enix launches new anti-harassment policy to protect its employees and partners from abusive fans
The Sims begins its 25th anniversary celebration next week with a Behind The Sims episode of news and announcements
Path of Exile 2 numberlord spends 16 straight days killing rare monsters to prove that a stat that makes loot better makes better loot
Palestinian developer raises more than $200,000 to make Dreams on a Pillow, a game about the horrors of the 1948 Nakba
Piranha Games will lay off employees after Mechwarrior 5: Clans ‘performed below projections’
Marvel Rivals’ latest update quietly killed the game’s burgeoning mod scene
Sorry everyone, Minecraft 2 is cancelled, and it might be our fault
Team Fortress 2 just had the single biggest trade in its history, with ‘the absolute best hat you can get’ going for around $40K
Is the new RTX 5070 really as fast as Nvidia’s previous flagship RTX 4090 GPU? Turns out the answer is yes. Kinda.
Elden Ring: Nightreign is getting a closed network test, and I’m totally not fuming because PC players aren’t invited to the party, or anything
If you’re a content creator and gamer looking for a CPU upgrade, this Ryzen 9 9900X deal will get you $90 off
HARDWARE BUYING GUIDESLATEST GAME REVIEWS1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop3Best mini PCs in 2025: The compact computers I love the most4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback3WD Black SN850X 8 TB NVMe SSD review4Ikea Utespelare desk review5Asus ROG Harpe Ace Mini wireless mouse review
HARDWARE BUYING GUIDESLATEST GAME REVIEWS1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop3Best mini PCs in 2025: The compact computers I love the most4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback3WD Black SN850X 8 TB NVMe SSD review4Ikea Utespelare desk review5Asus ROG Harpe Ace Mini wireless mouse review
HARDWARE BUYING GUIDESLATEST GAME REVIEWS1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop3Best mini PCs in 2025: The compact computers I love the most4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback3WD Black SN850X 8 TB NVMe SSD review4Ikea Utespelare desk review5Asus ROG Harpe Ace Mini wireless mouse review
HARDWARE BUYING GUIDESLATEST GAME REVIEWS1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop3Best mini PCs in 2025: The compact computers I love the most4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback3WD Black SN850X 8 TB NVMe SSD review4Ikea Utespelare desk review5Asus ROG Harpe Ace Mini wireless mouse review
HARDWARE BUYING GUIDESLATEST GAME REVIEWS
1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads
1Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads
1
Best Steam Deck accessories in Australia for 2025: Our favorite docks, powerbanks and gamepads
2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop
2Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop
2
Best graphics card for laptops: the mobile GPUs I’d want in my next gaming laptop
3Best mini PCs in 2025: The compact computers I love the most
3Best mini PCs in 2025: The compact computers I love the most
3
Best mini PCs in 2025: The compact computers I love the most
4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands
4Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands
4
Best 14-inch gaming laptop: The top compact gaming laptops I’ve held in these hands
5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested
5Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested
5
Best Mini-ITX motherboards in 2025: My pick from all the mini mobo marvels I’ve tested
1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits
1Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits
1
Thank Goodness You’re Here! review: An anarchic treasure trove of jokes and skits
2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback
2Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback
2
Shiren the Wanderer: The Mystery Dungeon of Serpentcoil Island review—like juggling chainsaws on horseback
3WD Black SN850X 8 TB NVMe SSD review
3WD Black SN850X 8 TB NVMe SSD review
3
WD Black SN850X 8 TB NVMe SSD review
4Ikea Utespelare desk review
4Ikea Utespelare desk review
4
Ikea Utespelare desk review
5Asus ROG Harpe Ace Mini wireless mouse review
5Asus ROG Harpe Ace Mini wireless mouse review
5
Asus ROG Harpe Ace Mini wireless mouse review
