The United States Securities and Exchange Commission (SEC) has formally sought the extradition of Hyeong Do Kwon, a South Korean citizen, from Montenegro. Kwon faces charges in the United States related to cryptocurrency fraud.

Kwon is alleged to have caused losses exceeding 40 billion US dollars due to the collapse of Terra, a cryptocurrency company he co-founded.

Montenegrin authorities apprehended him at the Podgorica airport as he was attempting to travel to Dubai using a fake passport. An international arrest warrant had been issued against him.

The Montenegrin Ministry of Justice disclosed that the SEC has additionally urged Montenegrin officials to interrogate Kwon by October 13 to facilitate the civil procedures in the United States.

The American SEC has initiated legal action against Kwon in a New York court.

Kwon’s arrest has attracted significant global attention, as he is among the most high-profile individuals accused of cryptocurrency fraud.