Terra’s co-founder might serve up to 40 years in prison. After fleeing from regulators, Terra’s Do Kwon was finally arrested in Montenegro in March, Interpol confirmed. Both South Korean and U.S. prosecutors want extradition.
Awaiting Justice Dan Sung-han, the prosecutor in charge of the case, thinks that South Korea should have priority to deliver the best justice for investors whose money was wiped out due to the collapse of TerraUSD currency. Previously, some legal experts suggested Kwon’s extradition to his homeland, citing that the crypto currency mogul is a Korean citizen and was first charged there. The US is also vying for Kwon’s extradition. However, investors doubt the possibility of justice well served after the case of Sam Bankman-Fried. FTX’s former CEO is currently out on bail and residing with his family after extradition to the US. The decision stirred lots of criticism.
Do Kwon faces a 40-year sentence in Korea if convicted, according to The Wall Street Journal. Kwon may face an unprecedented sentence for a financial crime in South Korea, with the possibility of exceeding the 40-year term handed to Kim Jae-hyun, a hedge fund manager in Seoul.
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