A South Korean man accused of being responsible for a cryptocurrency crisis which cost investors $40bn (£31.8bn) has finally been extradited to the United States.

Do Kwon was the boss of Terraform, which operated two cryptocurrencies – TerraUSD and Luna – both of which collapsed in 2022, sparking a wider sell-off in the crypto market.

The US says he was responsible for the coins’ failure, accusing him of “orchestrating a multi-billion dollar crypto asset securities fraud”.

Kwon fled South Korea after a warrant for his arrest was issued, eventually ending up in Montenegro where he has now been extradited from, following a lengthy legal battle.

He was previously found guilty of forging documents by a Montenegro court, having been arrested as he was attempting to board a plane to Dubai in March 2023.

It had been unclear whether he would face criminal proceedings in the US, however, as Montenegro does not have extradition treaties with the US or South Korea, which has also been seeking his extradition.

Kwon finally being sent to the US brings to an end legal proceedings that lasted more than 18 months.