As Cryptokoin.com reported, Terra inventor Do Kwon, who disappeared after the great Terra debacle last year, was caught and arrested in Montenegro on March 23. Now, South Korea’s Attorney General is seeking the extradition of Do Kwon! The prison sentence for Do Kwon was astonishing! Here are the details…
Terra inventor Do Kwon faces a record prison sentence!
Terra inventor Do Kwon, who was at the center of last year’s Terra (LUNA) disaster, faces a potentially close to 40-year prison sentence, according to a recent report cited by The Wall Street Journal. As you know, Kwon, the co-founder of Terraform Labs, appeared as the brain behind altcoins such as TerraUSD and LUNA, which had a $40 billion collapse.
After the arrest of Terra founder Kwon, who was captured in Montenegro on March 23, the South Korean Prosecutor General’s Office requested his extradition. But the extradition process of Do Kwon, who was accused of forgery of official documents by Montenegrin prosecutors, has been extended. South Korean prosecutor Dan Sung-han argues that extradition of Kwon to South Korea would be the best way to bring justice to investors hurt by the collapse of the TerraUSD cryptocurrency. However, while US prosecutors want Do Kwon’s extradition, South Korean prosecutors are also working on extradition.
40-year prison sentence for Do Kwon from South Korean prosecutors!
South Korean prosecutor Sung-han said that South Korea made more sense in handling the case, as most of the evidence linked to Terraform Labs and key accomplices were there. If Kwon is found guilty, he could face a unique penalty for a financial crime in South Korea. According to several experts and a statement by prosecutors, Kwon could potentially exceed the 40-year sentence handed over to Seoul-based hedge fund manager Kim Jae-hyun in one of the country’s largest fund scam schemes.
However, the collapse of the TerraUSD and Luna digital currencies had a significant impact on investors and subsequently became a source of concern for regulators and investors alike. On the other hand, in the event of the possible extradition of Terra Inventor Do Kwon, experts state that the severity of the sentence in the case will be closely monitored by the cryptocurrency community and the financial sector.
Although the collapse of these events, with the increasing pressure of the US authorities on crypto money projects for a long time, harms the crypto money market, Do Kwon’s punishment in case of a possible return may relieve many investors. As a result, if the mystery behind the Terra (LUNA) debacle is uncovered, Do Kwon’s 40-year prison sentence could expose the cryptocurrency industry to stronger regulation.
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