Terra’s Do Kwon may face multiple prison times both in South Korea and the US, a senior South Korean prosecutor who is leading the investigation told Bloomsberg.
According to Dan Sunghan, before prosecution, a convict is subject to multiple cross-border sentences for some of the crimes in one of the jurisdictions.
The Terra founder may be extradited to the US for trial after serving his term in South Korea, which could be over 40 years if South Korean officials do not account for all of his accusations there, Sunghan explained.
It is important to note that the South Korean and American governments both asked for his extradition to their respective nations, and such a request can take up to nine months to process, according to the prosecutor.
Additionally, the crypto entrepreneur’s extradition to South Korea made more sense “when it comes to bringing justice or recovering the damages for victims,” as local authorities have access to more evidence when compared to their American counterparts.
Kwon might also be given “the longest sentence ever handed down in South Korea,” the prosecutor claimed. “This is the largest financial fraud or financial securities fraud case that has ever happened in South Korea,” Sunghan added.
The infamous crypto tycoon and his associate Han Chang Joon were granted bail by the Montenegro court for $436,000 each along with being put under house arrest.
As per the official notice published by local authorities on May 12, the court had set the bail at EUR 400k for each of the defendants and ordered that they be released upon payment of this amount.
Montenegro authorities arrested the elusive co-founder after he was caught using fake travel documents. The bail came after Kwon’s attorneys had submitted their request for such terms to the Montenegrin authorities.
Terra Co Accused Made His First Court Appearance
Meanwhile, Daniel Shin, Kwon’s long-time business partner and one of the founders of the doomed crypto project appeared in court at the Seoul Southern District Court for his first trial on May 26.
Shin, a co-accused in the stablecoin project failure was recently indicted by South Korea on violations of capital-markets law among other charges.
He and nine other staff members of Terraform Labs face multiple charges, for illegal trading; two others are accused of breach of trust.