South Korean authorities are looking to extradite embattled Terra (LUNA) founder Do Kwon months after he was found in the Eastern European nation of Montenegro.
According to a new report from The Wall Street Journal, the leading prosecutor in the case says that bringing Kwon back to South Korea would be the best way to obtain justice for the victims of last year’s multi-billion-dollar collapse of the Terra ecosystem.
Kwon is accused of making false claims about the digital assets he launched as a part of the Terra ecosystem as well as creating trading bots to falsely boost the transaction numbers of TerraUSD, the protocol’s failed algorithmic stablecoin.
Currently, South Korea is in the midst of talking to U.S. prosecutors to extradite Kwon from Montenegro, where he’s been held by authorities since March, according to the report.
According to lead prosecutor Dan Sung-han, even though some of Kwon’s fraudulent actions took place in the United States, the evidence suggests that much of it took place in South Korea.
As stated by Dan in an interview with The Wall Street Journal,
“Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing justice”
Dan added that if convicted, Kwon could face the largest prison sentence ever handed out for financial crimes in South Korea, which would be over 40 years.
Kwon was arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates with a forged Costa Rican passport. He is also facing charges from the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws, which he asked a court to dismiss last month.
The Terra ecosystem’s troubles began last May after both its native assets LUNA and TerraUSD collapsed, leading to about $40 billion in losses.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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