Terraform Labs founder Do Kwon charged with fraud by US prosecutors

미국 뉴욕 검찰, 테라 권도형 증권사기 등 8개 혐의로 기소 출처
Disgraced crypto firm CEO and international fugitive --Do Kwon --has been indicted by U.S. prosecutors on fraud charges.
This immediately after his arrest in Montenegro.
Shin Se-byuck reports.
Terraform Labs co-founder Do Kwon, has been charged with fraud by U.S. prosecutors.
This came several hours after his arrest on Thursday local time in Montenegro.
The CEO of the blockchain firm was a key figure behind two digital currencies.. that lost what's been estimated at over 40 billion dollars last year.
Kwon faces an eight-count indictment made public in the U.S. District Court in Manhattan.
The counts include securities fraud, commodities fraud, wire fraud, and conspiracy.
The whereabouts of Terraform Labs co-founder Do Kwon had been shrouded in mystery for nearly a year until police in Montenegro announced that they had Kwon in custody.
South Korean authorities issued an arrest warrant for him last September after some 200-thousand investors in South Korea alone were affected by the collapse of the Singapore-based Terraform Labs.
Kwon, according to Montenegro’s interior ministry, was arrested at an airport for having a fake passport.
While the next step is for the South Korean government to seek extradition to bring Do Kwon to South Korea, there may be some obstacles in the way.
Firstly, South Korea does not have an extradition agreement with Montenegro.
On top of that the U.S. Securities and Exchange Commission charged Terraform Labs and Kwon with defrauding U.S. investors, so the U.S. is also likely to seek to extradite him.
And while the U.S. does not have an extradition treaty with Montenegro either, the situation may well become a fight to see who can get their hands on the disgraced crypto-CEO first.
If South Korea is able to extradite Kwon, the prosecution will likely focus on revealing that the profit structure of Luna and Terra was fraudulent, and that it was nothing more than a Ponzi scheme.
Shin Se-byuck, Arirang News.
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2023-03-24, 12:00 (KST)

[@Nomatternow]

Crypto thrives because of ignorance and greed.

[@holymason7]

great, so if he's being tried in the states, he wont see the light of day again

[@paulhan7770]

what did he do with all the investor's money? How did it all just vanish?

[@christiansmith-of7dt]

Seriously

[@torstimyle1355]

It's always about the money. The U.S government is always money hungry

[@devasharma5478]

very bad we love do kwon❤

[@torpedohost]

free do kwon he is going to make a comeback with oj simpson