South Korea’s prosecutor in charge of the Terra-Luna crypto project investigation has called for founder Kwon Do-hyeong to be extradited from Montenegro to face trial in Seoul, according to a May 5 report in the Wall Street Journal.
Kwon is currently being detained in Montenegro, where he has been charged with traveling on a forged passport. Both South Korea and the US have requested his extradition to face charges related to the collapse of his $40bn crypto project.
Terra’s USD stablecoin and Luna cryptocurrency collapsed in May 2022, with both US and South Korean prosecutors alleging the project was designed to defraud investors and violated financial laws in both countries.
If convicted, Kwon could face a sentence of over 40 years, the longest ever handed down in South Korea for a financial crime. Kwon has denied all the allegations against him. His court hearing in Montenegro is set for May 11.