CryptoMediaClub
Monday, June 23, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Prosecutor says Do Kwon’s extradition to South Korea would best serve Terraform Labs’ victims: Report

05.05.2023
A A
0
132
VIEWS
ShareShare

South Korean authorities are seeking the extradition of the co-founder and former CEO of Terraform Labs, Do Kwon. The prosecutor overseeing the investigation believes his repatriation would best serve the victims of the TerraUSD (USTC) and LUNA token collapses, The Wall Street Journal reported.

South Korea is the place where most of the crimes Kwon is accused of took place, according to Dan Sung-han, leader of South Korean prosecutors investigating the crash of the two cryptocurrencies, which erased nearly $40 billion from the Terra ecosystem.

“Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing justice” to investors, the prosecutor said in an interview with the newspaper.

Do Kwon, also a South Korean citizen, was arrested in Montenegro in March and indicted on document forgery charges. Since then, authorities from the United States and South Korea have made efforts to extradite the Terra co-founder. He is also wanted by regulatory authorities in Singapore.

Related: Terraform Labs seeks to dismiss class action arguing US laws don’t apply

During a press conference after Kwon's arrest, Montenegrin Justice Minister Marko Kovač said that a decision on his extradition would be based on "several factors," including the severity of the criminal offense, as well as the location and time of the offense. Montenegro reportedly has no extradition treaty with either Singapore or South Korea. However, it has an old extradition agreement with the United States and has previously extradited American citizens.

In late April, South Korean officials indicted Shin Hyun-seong, also a co-founder of Terraform Labs, along with nine other individuals for the collapse of the Terra ecosystem on charges of fraud, breach of trust and embezzlement.

Prosecutors accused the individuals of earning illicit profits of nearly $350 million (460 billion Korean won), the Korean daily KBS World reported. Kwon would face similar charges if extradited to his home country, Sung-han told the Journal, with a jail term of up to 40 years.

Terra was one of the earliest crypto firms that popularized the concept of algorithmic stablecoins. The ecosystem collapsed when its native stablecoin TerraClassicUSD depegged from the U.S. dollar in May 2022, triggering a snowball crisis in the crypto industry last year.

Magazine: Crypto winter can take a toll on hodlers’ mental health

Share10Tweet6ShareSharePin2

Related Posts

TRON Upgrade: Exciting v4.8.0 Proposal Promises Enhanced TRX Blockchain
Blockchain

TRON Upgrade: Exciting v4.8.0 Proposal Promises Enhanced TRX Blockchain

20.06.2025
0

Skip to content

Read moreDetails
Tether CEO Demands Ditching Cloud After Gigantic 16 Billion Password Data Breach

Tether CEO Demands Ditching Cloud After Gigantic 16 Billion Password Data Breach

20.06.2025
Major Leap: Upbit’s Banking Partner Joins Forces for South Korea Blockchain Advancement and Stablecoin Study

Major Leap: Upbit’s Banking Partner Joins Forces for South Korea Blockchain Advancement and Stablecoin Study

13.06.2025
Binance Alpha Spotlights Promising Pundi AI on Early Crypto Platform

Binance Alpha Spotlights Promising Pundi AI on Early Crypto Platform

12.06.2025
Chainlink CBDC Pilot: Pioneering Secure Digital Currency Exchange

Chainlink CBDC Pilot: Pioneering Secure Digital Currency Exchange

10.06.2025
Load More
Next Post
Price analysis 5/5: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Price analysis 5/5: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

PEPE Team Addresses 10 Trillion Fund Transfer And Recent Dump

PEPE Team Addresses 10 Trillion Fund Transfer And Recent Dump

2 years ago
Web3 Quests Aim To Drive Fan Engagement At Real Life Events and Online

Web3 Quests Aim To Drive Fan Engagement At Real Life Events and Online

1 year ago
ArbDoge.AI Unveils Pricing Details for Truth AIDOGE NFT Collection

ArbDoge.AI Unveils Pricing Details for Truth AIDOGE NFT Collection

2 years ago
Crypto ahead in fintech investments in France and Germany in 2023: Report

Crypto ahead in fintech investments in France and Germany in 2023: Report

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin Price Prediction: Already Down, Iran Attacks Send BTC Price to $102,760 – Buy the Dip?

XRP Price Prediction: Iran Attacks Deepen Month-Long Slide – Is a $2.00 Test Inevitable?

Ethereum Price Prediction: Iran Attacks Send ETH Price Plunging 5% – Key Levels to Watch

ChatGPT o3’s 38-Signal AI ADA Price Forecast Reveals Oversold Bounce Potential Amid Ford Partnership

ChatGPT’s 42-Signal AI ETH Price Forecast Suggests Consolidation with Breakout Potential

Uber Races Into AI Data Labeling as Meta’s $14.8B Scale Deal Sparks Mass Defections – Who’s Next?

Trending

Texas Launches State-Funded Bitcoin Reserve — What It Means for BTC Adoption?
All news

Texas Launches State-Funded Bitcoin Reserve — What It Means for BTC Adoption?

22.06.2025
0

Texas has officially joined the small but growing list of U.S. states moving toward on-chain finance, passing...

Cathie Wood’s ARK Sells $146M in Circle Stock Amid 250% Rally — What’s Driving the Exit?

Cathie Wood’s ARK Sells $146M in Circle Stock Amid 250% Rally — What’s Driving the Exit?

22.06.2025
Jan3’s Mow Believes France Could Lead Bitcoin Nation-State Adoption in Europe

Jan3’s Mow Believes France Could Lead Bitcoin Nation-State Adoption in Europe

22.06.2025
Bitcoin Price Prediction: Already Down, Iran Attacks Send BTC Price to $102,760 – Buy the Dip?

Bitcoin Price Prediction: Already Down, Iran Attacks Send BTC Price to $102,760 – Buy the Dip?

22.06.2025
XRP Price Prediction: Iran Attacks Deepen Month-Long Slide – Is a $2.00 Test Inevitable?

XRP Price Prediction: Iran Attacks Deepen Month-Long Slide – Is a $2.00 Test Inevitable?

22.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz