Terra Founder Do Kwon Faces 40 Years in Jail If Convicted, South Korean Prosecutor Warns

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • A South Korean prosecutor said most of Terra's case evidence and accomplices are in South Korea.
  • Do Kwon faces over 40 years in jail if he is convicted.
  • The U.S. and South Korea are battling on where Kwon should be extradited to face his charges.
  • promo

With Terra co-founder Do Kwon facing criminal charges in several countries, South Korean prosecutors believe prosecuting him in the country is the best way to ensure justice for victims.

In an interview with Wall Street Journal, the case’s leading prosecutor, Dan Sung-Han, explained that he believed investors would most likely get justice if the case is prosecuted in the Asian country.

Most Evidence Is in South Korea

According to the prosecutor, most evidence and key accomplices of Do Kwon are linked to Terraform Labs and based in South Korea. Besides that, the prosecutor pointed out that most of the crime happened in South Korea.

“We’ve collected a large swath of evidence pertaining to the TerraUSD case overall, much of which is information that cannot be easily obtained in the U.S.,” he added. Dan also suggested that U.S. regulators would be willing to cooperate with agencies from the Asian country.

The report comes amidst the possible extradition battle between the U.S. and South Korea. The two countries have filed criminal charges against the crypto entrepreneur for his role in the Terra UST stablecoin collapse.

Terra’s Kwon Faces More Than 40 Years of Imprisonment

Dan said Kwon would likely get the longest jail term for a financial crime in the country if convicted. This means that the Terra founder could get a sentence higher than the 40 years imprisonment given to perpetrators of the Optimus Asset Management fraud case in 2022.

Meanwhile, South Korean prosecutors have indicted seven individuals on several charges, including violating capital markets law and fraud. The prosecutors indicted Terraform Labs co-founder Daniel Shin and other executives.

Kwon Remains in Montenegro

Kwon is currently in custody in Montenegro, where he faces charges of traveling with forged documents. But he would also face the exact charges if South Korea can extradite him.

But any extradition process will have to wait until Montenegrin authorities complete the trial process. The length of this remains uncertain, given the possibility that Do Kwon could appeal.

Meanwhile, experts think South Korea could win Kwon’s extradition because it is a party to an extradition treaty that Montenegro is also a signatory to.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Oluwapelumi-Adejumo.png
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
READ FULL BIO
Sponsored
Sponsored