Do Kwon faces years in prison in South Korea and U.S.
Terraform Labs founder Do Kwon faces years in prison in South Korea and the United States
The founder of Terraform Labs could first be sentenced in both countries that requested his extradition, and then he would have to serve both sentences
Do Kwon, the founder of the failed crypto project Terraform Labs, could spend most of his life behind bars, first in South Korea and then in the United States, said Dan Sungang, director of the Financial Crimes Bureau of the Seoul South District Attorney's Office, Bloomberg reported.
Both countries are seeking Kwon's extradition from Montenegro, accusing him of fraud related to the collapse of cryptocurrencies he created, which caused investors around the world to lose at least $40 billion. Kwon, 31, was arrested in Podgorica in March of this year.
It's possible he could be convicted in both jurisdictions starting with South Korea, said Dan, who is leading the investigation into Kwon. He said the defendant would first be extradited to South Korea, tried, then transported to the United States and tried there, and after that the sentences would be carried out, first in South Korea, then in the United States.
Dan expects Kwon to receive a record sentence of more than four decades for the country in a financial fraud case.
Authorities in Montenegro have previously stated that Kwon must first be convicted of forgery of documents that were discovered when he was arrested and serve his sentence, if imposed.
Kwon denies all accusations of both U.S. and South Korean authorities and document forgery. In early June, a court approved his release on €400,000 bail.
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