Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was set to appear in U.S. court on Thursday to face criminal fraud charges after being extradited from Montenegro this week.

Do Kwon, a key figure behind the failed TerraUSD and Luna digital currencies, faces U.S. court on fraud charges. In 2022, their collapse wiped out $40 billion in value. Extradited from Montenegro, he's accused of misleading investors about TerraUSD's stability,

PODGORICA, Montenegro (AP) — Montenegro on Tuesday extradited a South Korean mogul known as “the cryptocurrency king” to the United States, following a decision of its justice ministry earlier this month to accept a U.S. request, while refusing a South Korean handover plea, the Balkan country’s authorities said.