Prosecutor says Do Kwon could serve prison sentence in both US and South Korea

Do Kwon, the co-founder and CEO of TerraForm Labs, could be subject to multiple sentences in the United States and South Korea, a senior South Korean prosecutor is investigating.

It is understood that Quan is currently serving House Bell in Montenegro following his bail offer granted by a Montenegro court on 5 June. Both Kwan and Terraform Labs chief financial officer Han Chang-jun are legally required to be at Chang-jun’s legal location. Residence in Montenegro while the decision about extradition is made.

Speaking For Bloomberg, Dan Sungan revealed that Kwon’s extradition to South Korea “makes better sense when it comes to bringing justice or recovering victims’ damages.”

According to Sunghan, much of the basic investigation surrounding the collapse of the Terra ecosystem was done in South Korea. He further claimed that local authorities have more evidence than their American counterparts.

“The most efficient way to get justice is to have an investigation and trial in South Korea.”

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

However, when asked about the possibility of Kwan facing trial in both the US and South Korea, Sunghn believed that “such a scenario is an option.” He explained that a criminal is given multiple cross-border punishments when he is yet to be prosecuted for certain crimes in one jurisdiction.

Thus, Sunghan stated that if the South Korean authorities do not account for all the crimes Kwan has been accused of within the US, the entrepreneur could potentially face trial in South Korea after completing his sentence. Can be sent to America – which can be more than 40 years. Lonely.

The prosecutor expects Kwon’s sentence to be “the longest ever handed down in South Korea”. Kwon’s cold wallet, which reportedly contains 10,000 bitcoin (BTC), remains inaccessible.

Sunaghan confirmed that officers could see money being transferred from the wallet in question. However, the location of the wallet and the process used to withdraw funds remain a mystery.

“This is the biggest financial fraud or financial securities fraud case that has happened in South Korea,” Sunghn said.

in bus: #DoKwon Montenegro has once again been released on bail after a prosecutor’s appeal was rejected. pic.twitter.com/zOlpLqU17S

— crypto rand (@crypto_rand) June 5, 2023

Quan was captured by Montenegrin authorities on 23 March after he was caught trying to leave the country using fake documents. Shortly thereafter, both the US and South Korean authorities requested his extradition to their respective countries. Some extradition requests can take up to nine months to process, according to South Korean prosecutor Dan Sungan.

Connected: South Korea passes bill to disclose bitcoin holdings to authorities

Meanwhile, South Korean authorities have begun a review of Binance’s acquisition deals in the country after the crypto exchange became involved in a legal battle with the United States Securities and Exchange Commission (SEC).

A local report suggests that South Korea’s financial watchdog – the Financial Services Committee (FSC) – is reviewing Binance’s acquisition of local crypto trading platform Gopax.

In its review of the GoPax deal, the FSC pointed out Binance’s alleged securities law violations and the SEC’s request to freeze Binance. The US assets make it difficult to accept the takeover request at this point.