Do Kwon Faces Possible 40-Year Sentence as Prosecutors Seek Extradition to South Korea

Authorities in South Korea and the United States are vying to extradite Do Kwon, founder of Terraform Labs, after his arrest in March.

Kwon was apprehended by Montenegrin police as he attempted to flee to Dubai using fake travel documents.

Both South Korean and U.S. authorities want to prosecute Kwon for fraud charges relating to the LUNA and UST tokens, which were designed by Kwon and other employees of Terraform Labs.

The Securities and Exchange Commission had already charged Kwon with fraud and securities law violations, but he attempted to delay regulators by filing a court motion.

However, Dan Sung-han, who led South Korean efforts to uncover the reasons behind Terra’s collapse, believes that Kwon should be extradited to South Korea for a more efficient prosecution.

Sung-han noted that South Korean investigators have collected a large amount of evidence in relation to the TerraUSD case that cannot be easily obtained in the U.S.

Montenegrin Prime Minister Dritan Abazovic stated that they are ready to extradite Kwon to the country that is looking for him.

However, the decision on which jurisdiction has the right to prosecute Kwon is yet to be determined. South Korean authorities believe that bringing Kwon to trial in his home country would be the most efficient way of delivering justice to Terra’s victims, who lost at least $40 billion in May of last year. The U.S. authorities, on the other hand, are keen to see Kwon face trial in America.