If prosecuted and proven accountable by a court in his native South Korea, Do Kwon could be sentenced to 40 years in prison.
Media reports affirmed that South Korean and American authorities are competing for the right to extradite Terraform Labs founder Do Kwon, who was apprehended by Montenegrin police in March.
Since his detention in March, Kwon’s extradition has been a hot topic. The wanted man was captured by Montenegrin authorities as he tried to use forged passports to board a flight to Dubai. U.S. authorities aim to prosecute the former investor in Terraform for defrauding American investors who held LUNA and UST, two tokens created by the company’s founder and employees.
Although he attempted to delay regulators with a court motion, the Securities and Exchange Commission has already charged Kwon with violations of securities laws and fraud.
Dan Sung-han, who led South Korean efforts to determine the causes of Terra’s collapse, believes that extraditing Do Kwon to his native country would be the “more efficient” method to bring justice to Terra’s victims, who lost at least $40 billion in May.
“Given the serious nature of the situation at hand, we believe that opening an investigation in South Korea would be the most effective means of bringing about justice. We have amassed a vast amount of evidence pertinent to the TerraUSD case as a whole, the majority of which is information that is difficult to obtain in the United States.”
In response to America’s request for Do Kwon’s extradition, the South Korean investigator stated, “I believe the United States is willing to cooperate.”
Prime Minister of Montenegro Dritan Abazovic stated, “We are prepared to extradite him to the country seeking him.”
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