권도형 테라폼랩스 대표이사. (사진=연합뉴스)

 

[Alpha Biz=(Chicago) Reporter Paul Lee] Kwon Do-hyung, 32, CEO of Teraform Labs, a key figure in the collapse of cryptocurrency "Tera and Luna," will be put on trial in Montenegro after being detained.

The court also announced that the trial will be held on May 11.

CEO Kwon is suspected of continuing to issue without notifying investors, knowing that the cryptocurrency "Tera" and "Luna" are likely to plunge together. Tera and Luna saw their market capitalization jump to around 10th place in the world, but plunged 99.99% in just four days in May last year, becoming a scrap of paper. The market capitalization of Terra and Luna, which evaporated at that time, reached 50 trillion won.

Kwon was arrested on the 23rd of last month, 11 months after fleeing, while trying to board a flight to Dubai, the United Arab Emirates (UAE) from Ford Goricha International Airport. The local police confirmed that he had a forged passport and arrested him.

South Korea and the U.S. are competing with Montenegro authorities to extradite Kwon, a criminal. As he will be tried in Montenegro, the repatriation time is expected to be delayed further.

 

[ⓒ AlphaBIZ. 무단전재-재배포 금지]