Business News Report
June 08, 2023

From Crypto Success to Jail Time: The Do Kwon Story

In Brief

South Korea’s prosecutor indicated Do Kwon might face multiple terms in his home country and the United States. Kwon was recently granted bail in Montenegro, allowing him to remain free under house arrest. As the extradition decision is pending, Kwon and Han are legally obligated to reside at ChangJoon’s designated residence in Montenegro.

The case against Terraform Labs CEO Do Kwon, spearheaded by South Korea’s chief prosecutor, has highlighted the potential for multiple prison terms in both his home country and the United States.

From Crypto Success to Jail Time: The Do Kwon Story

Recently, a Montenegrin judge granted Kwon’s bail petition, which places him under house arrest while he awaits trial. The decision regarding extradition is yet to be made, which mandates that Kwon and Terraform Labs’ CFO Han Chang-Joon remain at Chang-Joon’s designated residence in Montenegro.

Chief prosecutor Dan Sunghan, in an interview with Bloomberg, argued that bringing Kwon back to South Korea would be more beneficial for justice and for compensating the victims. He noted that the majority of the preliminary investigation into the collapse of the Terra ecosystem took place in South Korea, where local authorities had an easier time gathering evidence compared to their American counterparts.

The Do Kwon Story

Sunghan shared that South Korean authorities have already filed charges against several individuals associated with Kwon. He added that there’s a chance Kwon could face trial in both the United States and South Korea. If an individual is found guilty of crimes in multiple countries and isn’t prosecuted for all of them, they could end up serving multiple sentences abroad.

This could mean that Kwon may face extradition to the US for trial after completing his sentence in South Korea. The total sentence could extend beyond 40 years if South Korean authorities do not account for all the charges against Kwon in the US. Sunghan claimed that this case is the most significant instance of financial fraud or securities fraud in South Korean history.

Meanwhile, South Korean authorities are investigating Binance’s trading activities within the country, following the exchange’s legal disputes with the SEC. South Korea’s Financial Service Committee (FSC) is examining Binance’s purchase of Gopax. This is a local cryptocurrency trading platform. Binance’s alleged violations of securities laws have raised concerns. The SEC’s efforts to freeze Binance’s assets have also caused worries. These issues have cast doubt on the approval of the Gopax acquisition request. The fact that many US assets are involved makes the situation even more complex.

  • The Montenegrin court granted bail to Do Kwon, the co-founder of Terra Labs, to avoid extradition to South Korea. The State Prosecutor’s Office has appealed the decision.

Read more related articles:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Mocaverse Unveils MOCA Tokenomics, Dedicates Over 50% Of Token Supply To Community
Markets News Report Technology
Mocaverse Unveils MOCA Tokenomics, Dedicates Over 50% Of Token Supply To Community
April 12, 2024
Ethereum Foundation Adopts ERC-7621 Draft Along With Basket Token Standard
News Report Technology
Ethereum Foundation Adopts ERC-7621 Draft Along With Basket Token Standard
April 12, 2024
Aelf Incorporates AI Into Its Network, Announces Support For AI Projects Aimed At Blockchain Integration With $50M Fund
Business News Report Technology
Aelf Incorporates AI Into Its Network, Announces Support For AI Projects Aimed At Blockchain Integration With $50M Fund
April 12, 2024
Ronin’s New Sky Mavis Trusted Domain Name System To Safeguard Users Against Malicious Attacks
Business News Report Technology
Ronin’s New Sky Mavis Trusted Domain Name System To Safeguard Users Against Malicious Attacks
April 12, 2024