In a recent interview with Bloomberg, Dan Sunghan, a high-ranking prosecutor from South Korea, who is leading the case related to Terraform Labs, revealed that Do Kwon, the co-founder and CEO of the company, could potentially face multiple sentences in both the United States and South Korea.
Dan Sunghan emphasized the importance of bringing Do Kwon back to South Korea for trial, as most of the fundamental investigations surrounding the collapse of the Terra ecosystem have been conducted in South Korea. Therefore, South Korea has access to more evidence compared to the United States. Additionally, in South Korea, some of Do Kwon’s accomplices have already been indicted.
However, when asked about the possibility of Kwon being prosecuted in both the United States and South Korea, the prosecutor acknowledged that it could indeed happen. According to Dan Sunghan, a convicted individual can face multiple cross-border sentences if they have not been charged with certain offenses in one of the jurisdictions.
Therefore, he stated that if the South Korean government fails to explain all the charges against Kwon in the United States, the business executive could potentially be extradited to the US for prosecution after serving his sentence in South Korea (a process that could last up to 40 years).
If Sunghan’s prediction turns out to be true, Do Kwon’s sentence would be the longest ever executed in South Korea, as it involves one of the largest financial frauds or securities frauds to ever occur in the country.
“This is because it is the largest financial fraud or securities fraud case ever to happen in South Korea,” said Dan Sunghan, the high-ranking prosecutor.
It is worth noting that Kwon is currently residing abroad in Montenegro after being granted permission by the Montenegrin court for his foreign stay on June 5th. The Chief Financial Officer of both Kwon and Terraform Labs, Han Chang-Joon, is also required to legally reside in Chang-Joon’s designated place of residence in Montenegro while the extradition decision is being made.
The case involving Do Kwon and the collapse of Terraform Labs has garnered significant attention in both South Korea and the United States. As the legal proceedings unfold, it remains to be seen how the situation will develop and whether Do Kwon will ultimately face sentencing in both countries.
Read more:
- Montenegro Court Grants House Arrest Release For Terraform Labs Co-Founders Do Kwon And Han Chong-Joon
- Do Kwon Pleads Not Guilty To Charges Of Using Forged Travel Documents
- Montenegro Court Revokes Bail For Do Kwon Amidst Forgery Allegations
- Do Kwon Granted Bail For Second Time As Montenegro Court Reconsiders