Do Kwon Case: Prosecutors Set Condition for Korean Trial

There are ongoing speculations that Do Kwon, the young crypto pioneer who was indicted in the 2022 TerraUSD/LUNA crash, will face trial in South Korea. Although this is highly dependent on whether he would be extradited to the Asian country. This speculation comes after he was recently sentenced to 15 years in prison in the United States.

Do Kwon and the International Prisoner Transfer Program Option

After about three years, Do Kwon is still caught in the web of the TerraUSD and Luna crash that led to an estimated $40 billion in investor losses.

This time around, there are talks about a possible trial and jail sentence in Korea. If he is extradited to Korea, the 34-year-old national may not be able to avoid this trial.

Noteworthy, he was sentenced to 15 years in a US prison a few days ago, following his admission that he was guilty of fraud and conspiracy charges.

Though he was liable to get up to 25 years’ jail sentence, the prosecution team recommended a 12-year prison sentence plus $19 million in fines in exchange for the guilty plea. However, the US District Judge Paul A. Engelmayer delivered the 15-year sentence in a Manhattan Federal court.

With talks about a possible jail term in Korea, there are expectations that Do Kwon may apply to the International Prisoner Transfer Program after serving half of his 15-year sentence. As it stands, the US prosecutors have no plan to oppose such a request as part of his plea deal. Some of the charges he is likely to face in Korea are violations of the Capital Markets Act.

Do Kwon May Serve 30-Year Jail Sentence in Korea

An anonymous senior prosecutor cited by the Korean Times noted that the Terra founder could receive as much as 30 years imprisonment in Korea if he is found guilty.

Based on authorities’ estimates, the victims from the $40 billion TerraUSD/LUNA stablecoin crash in Korea are about 200,000. Their losses run to the tune of 300 billion won, which is approximately $204 million.

“Prosecuting Kwon domestically would best serve efforts to compensate local victims,” the senior prosecutor added.

Apart from Kwon, about ten alleged accomplices have been on trial in Korea for nearly three years.

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