Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.

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.

Montenegrin authorities handed over Do Kwon, co-founder of Terraform Labs, to U.S. law enforcement, concluding months of legal battles over his extradition. In a December 31 statement on X, Montenegrin Prime Minister Milojko Spajić confirmed that Kwon was in U.S. custody and expected to face criminal charges soon.