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Home»ADOPTION NEWS»The Korean Terra investor community wants Do-kwon to be sent to the United States, not Korea.
ADOPTION NEWS

The Korean Terra investor community wants Do-kwon to be sent to the United States, not Korea.

By Crypto FlexsMarch 8, 20243 Mins Read
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The Korean Terra investor community wants Do-kwon to be sent to the United States, not Korea.
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A group of Korean investors claiming to be victims of the Terra Luna collapse issued a statement on Friday calling for Do Kwon, co-founder of Terraform Labs, to be extradited to the United States instead of South Korea. This follows a decision by Montenegro’s High Court on Thursday to extradite Kwon to South Korea.

that much nameA post on a public online forum hosting the Terra Luna Victims Community, which has more than 2,700 members, argued that Kwon may not receive the appropriate punishment he deserves. The U.S. Department of Justice said it would continue to pursue Do-Kwon Kwon’s extradition from Montenegro, according to a Bloomberg report on Friday.

“In Korea, where there are no standards for punishing crypto crimes, even if (Kwon) is sentenced in the first trial, there is a high possibility that the sentence will be significantly reduced in the appeal trial and (Kwon) will be released without appropriate punishment,” the statement said.

Korean sentences for financial crimes are generally 30 to 40 years. news reports. However, the United States follows the principle that a court may impose consecutive sentences for each crime for which the defendant was convicted. Therefore, the maximum sentence Kwon could receive is considered higher in the United States, the statement claimed.

for example, Sam Bankman-FriedThe head of the FTX exchange, who was found guilty last year of defrauding investors, has been sentenced to 100 years in prison by the Probation Service.

The victims said in a statement, “If Kwon Do-hyung is released with a light punishment in Korea, the victims, including me, will suffer for the rest of their lives.” name. “I’ve been waiting for several years, but I don’t live with the expectation that Kwon Do-hyung will compensate me for the damages.”

Terraform Labs’ algorithmic stablecoin Terra and its sister cryptocurrency Luna crashed in May 2022, wiping more than $40 billion in market capitalization in a matter of days. Since then, U.S. and Korean authorities have been investigating Kwon and Terraform Research Institute on charges of fraud and violations of securities laws.

Mr. Kwon, who has been on the run since the collapse, was arrested in Montenegro in March on charges of attempting to travel with forged documents.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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