Kwon’s extradition to South Korea, according to South Korean prosecutor Dan Sunghan, makes more sense, but he also notes that the Terraform Labs co-founder might possibly be sentenced in the US.
Do Kwon, the co-founder and CEO of Terraform Labs, may receive several sentences in both South Korea and the United States, according to the investigation’s chief South Korean prosecutor.
Kwon is currently in Montenegro under house bail after a Montenegro court approved his bail request on June 5th. While they wait for an extradition decision, Kwon and Han Chang-Joon, the chief financial officer of Terraform Labs, must stay in Chang-Joon’s legitimate residence in Montenegro.
Dan Sunghan, the senior prosecutor, claimed that Kwon’s extradition to South Korea would be more appropriate in terms of enforcing justice and making up for any losses suffered by the victims.
Kwon is also being investigated by the US Securities and Exchange Commission (SEC). The SEC is looking into whether Kwon and his team violated US securities laws by selling unregistered securities.
Sunghan claims that South Korea carried out the bulk of the fundamental research into the collapse of the Terra biosphere. Furthermore, he asserted that in comparison to their American counterparts, local authorities have access to greater evidence.
If Kwon is convicted in both countries, he could face a total of 40 years in prison. Kwon has denied any wrongdoing. He has said that he is innocent and that he will cooperate with the investigations.
The collapse of UST and LUNA has wiped out billions of dollars in value. It has also raised concerns about the future of the cryptocurrency industry. The investigations into Kwon are a sign that regulators are taking a closer look at the cryptocurrency industry. They are also a sign that investors should be careful when investing in cryptocurrencies.
It is important to remember that cryptocurrencies are a new and volatile asset class. They are not regulated by governments, and there is no guarantee that they will retain their value.