2023-05-05 20:18:54
© Reuters Do Kwon of Terra (LUNA) faces 40 years in prison if extradited to South Korea
CriptoFácil – Since the co-founder of the Terra (LUNA) project, Do Kwon, was arrested in March this year in Montenegro, the authorities of the United States and South Korea are involved in a dispute over his extradition. Both nations investigate Kwon for ruining the project. He faces charges of conspiracy, fraud, market manipulation and various other crimes.
But for the South Korean prosecutor leading the investigation, Dan Sung-han, extraditing Kwon to his home country, namely South Korea, would be the best way to bring justice to the victims of the collapse of the project.
The Terra ecosystem collapsed in May last year and the prices of the LUNA cryptocurrency and the stablecoin UST went to practically zero. The “crash” left an estimated loss of US$ 40 billion.
According to a report by the Wall Street Journal (WSJ), published this Friday (05), if he is extradited to his home country, Do Kwon could be sentenced to up to 40 years in prison. This would be the largest sentence ever imposed in the country for a financial crime.
Founder of Terra (LUNA) has disputed extradition
Also according to the report, Sung-han said that South Korea is better able to deal with the case of Do Kwon. That’s because most of the evidence and accomplices of the project’s founder are in that country. This makes, according to him, local prosecutors perfectly prepared to deal with legal proceedings.
Thus, the report says that if he goes to South Korea and convicted he could face an unprecedented sentence. The WSJ said Do Kwon’s sentence could even exceed the 40-year sentence given to Seoul hedge fund manager Kim Jae-hyun. He was responsible for one of the largest fund fraud schemes in the country, which involved more than $1.08 billion in investments.
Do Kwon Prison
As reported by CriptoFácil, authorities in Montenegro arrested Do Kwon at Podgorica airport with forged documents on March 23. Then, on March 29, Montenegro’s Minister of Justice, Marko Kovac, declared that the decision on extradition would be taken in a separate court case after the resolution of the passport forgery case.
About a month after the arrest, prosecutors in the country officially charged Do Kwon with making and using a false passport in his attempt to fly to Dubai.
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