Do Kwon may serve time in prison both in the US and South Korea – prosecutor

Do Kwon may serve time in prison both in the US and South Korea – prosecutor

South Korean prosecutor Dan Sunghan said that Kwon’s extradition to South Korea would make more sense, but added that the Terraform Labs founder could also serve his time in the United States.


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According to the South Korean prosecutor who is leading the investigation, Terraform Labs’ co-founder and CEO Do Kwon could face multiple sentences both in the United States as well as South Korea.

Kwon, it is believed, is serving house bail after his bail request was granted by a Montenegro court in June. Kwon is legally required to stay at the residence of Terraform Labs chief financial officer Han Chang-Joon in Montenegro until a decision on extradition has been made.

Dan Sunghan, speaking with Bloomberg, revealed that Kwon’s extradition to South Korea was more sensible “when it comes justice or recovering damages for victims.”

South Korean senior prosecutor Dan Sunghan speaking about the possibility of Kwon facing multiple sentences across the U.S. and South Korea. Source: Bloomberg

Sunghan claims that the majority of the investigation into the Terra ecosystem collapse was conducted in South Korea. He also claimed that local authorities had more evidence than their American counterparts.

The investigation and trial should be held in South Korea.

Sunghan also emphasized that South Korean authorities had already indicted several of Kwon’s co-conspirators.

Sunghan said that if Kwon was to face trials in the U.S. as well as South Korea he would be subject to multiple sentences, since he has not yet been prosecuted in the U.S. for certain crimes.

Sunghan stated that if South Korean authorities do not account for all crimes Kwon has been charged with in the U.S. then the entrepreneur may be sent to the US after serving his South Korean sentence, which could be more than 40 years.

Kwon’s cold wallet containing supposedly 10,000 Bitcoins ( BTC) remains untraceable.

Sunghan confirmed to Sunghan that the authorities are able to see money being transferred from wallet in question. The location of the wallet, and the method used to withdraw funds remain a mystery.

Sunghan said, “This is by far the largest financial fraud or securities fraud case to ever occur in South Korea.”

Kwon, who was caught by Montenegro authorities using fake documents on 23 March, was detained. Both the U.S. and South Korean requested his extradition shortly after. South Korean prosecutor Dan Sunghan said that some extradition requests could take up to 9 months to process.

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