Terra’s Do Kwon Facing 40 Years in Prison
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Cryptocurrency mogul Do Kwon, infamous for his involvement in the Terra Luna coin fiasco, might be facing up to 40 years in jail, per a recent report by The Wall Street Journal.
Dan Sung-han, the South Korean prosecutor overseeing the case, suggests that Kwon’s extradition to South Korea would be the best way to serve justice to investors who were hurt by the $40 billion implosion of the TerraUSD cryptocurrency.
Kwon, who co-founded Terraform Labs and was the mastermind behind the now-collapsed TerraUSD and Luna digital currencies, has been under arrest in Montenegro. Both South Korean and U.S. prosecutors are currently vying for his extradition.
Sung-han maintains that South Korea is more capable of handling the case as most of the evidence and significant accomplices linked to Terraform Labs are located there.
If found guilty, Kwon could be facing an unparalleled sentence for a financial crime in South Korea. The report says that it could potentially exceed the 40-year sentence handed out to Seoul-based hedge fund manager Kim Jae-hyun.
Last July, the Korean Supreme Court upheld the 40-year prison sentence for Jae-hyun in one of the country’s largest fund fraud schemes that involved over $1.08 billion in investments.
As reported by U.Today, Kwon’s arrest in Montenegro was confirmed by South Korean officials in March. Shortly after that, some damning footage showing Kwon and Terraform CFO Han Chang-joon being escorted out of a Montenegrin court in handcuffs emerged on social media.