Do Kwon, co-founder of the now-defunct Terraform Labs and mastermind behind the ill-fated TerraUSD and Luna cryptos, has recently been featured in The Wall Street Journal, with reports suggesting that the South Korean prosecution is seek to charge Kwon with charges involving up to 40 years in prison. Kwon has been detained in Montenegro as both South Korea and the United States are currently in a contest to gain his extradition.
Dan Sung-han, the prosecutor through which the charges have been committed, claims that a judgement against Kwon in South Korea would be the most logical decision, as the evidence of his case and his accomplices are more readily available in the country. The penalty, if found guilty of the charges, would exceed the already record-setting 40-year sentence given to Seoul-based OTC hedge fund manager Kim Jae-hyun for his involvement in a $1.08 billion fraud scheme that he was found to have supported.
Kwon's extradition to South Korea bears great significance as the case is one of many shaken the crypto industry in the past few years. Following his arrest in Montenegro in March, footage surfaced of Kwon and Terraform CFO Han Chang-joon being escorted out of court in handcuffs. Should Kwon be found guilty of the charges brought against him, the long-term ramifications for the crypto industry remain to be seen.
John Hughes
- 2023-05-05
Do Kwon, Terraform Labs Co-founder to Face 40-Year Sentence
Do Kwon, co-founder of now-defalted Terraform Labs, has recently been featured in Wall Street Journal reports suggesting South Korean prosecution is charging him with a potential 40-year sentence. Dan Sung-han is the prosecutor responsible for the charges.
