First hearing on the morning of the 8th
The U.S. Department of Justice announced on the 2nd (local time) that Terraform Labs founder Do-hyung Kwon, a key figure in the Terra Luna incident, could be sentenced to up to 130 years in prison if found guilty on all charges.
Mr. Kwon is charged with conspiracy to commit commodity, securities, and wire fraud and money laundering. The prosecution added the money laundering charge that day.
The Ministry of Justice sentenced Kwon to up to 10 years in prison for each of the two counts of commodity fraud, up to 20 years in prison each for the two counts of securities fraud, up to 20 years in prison each for the two counts of wire fraud, and two counts of conspiracy to commit goods, securities, and wire fraud. Considering that each count of conspiracy to commit money laundering carries a maximum of 5 years in prison and a maximum of 20 years in prison for each count, he explained that he could be sentenced to up to 130 years in prison.
Mr. Kwon, who was extradited to the United States on December 31 last year, appeared in court for the first time on this day. Mr. Kwon, who appeared before Judge Robert Lehrberger of the Southern District of New York, is said to have pleaded not guilty. It is said that on this day, Mr. Kwon did not say anything other than saying that he could understand English.
The case against Mr. Kwon was assigned to Judge John Cronan of the Southern District of New York on this day. The first trial will be held on the 8th at 10:30 am (US Eastern Standard Time).
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