South Korean entrepreneur Do Kwon, extradited Tuesday from Montenegro, was presented to a federal judge in New York on Thursday. The judge served him with a charge of fraud in the management of terra cryptocurrency, which collapsed in spring 2022. Arrested in March 2023 while trying to leave Montenegro, he is also wanted by South Korea. Last week, the Montenegrin justice minister, Bojan Bozovic, ordered his extradition to the US.

Launched in 2020, terra, also called TerraUSD or UST, was presented as a "stablecoin", that is to say a digital currency whose price was theoretically attached to a classic currency, in this case the dollar.

But unlike other electronic currencies of this type, such as the tether or USDC, the proceeds from the sale of terra were not placed in safe assets, such as cash or government bonds, which could be quickly recovered if there was a problem.