South Korean Senior Prosecutor Dan Sunghan Advocates Extradition of Do Kwon, Suggests Possibility of Dual Incarceration in the US
A senior South Korean prosecutor leading the investigation has indicated that Do Kwon, the co-founder and CEO of Terraform Labs, could potentially face multiple sentences in both the United States and South Korea. Presently, Kwon is under house bail in Montenegro, where a court granted his bail proposal on June 5.
As the extradition decision is being deliberated, Kwon and Terraform Labs’ chief financial officer, Han Chang-Joon, are obligated by law to reside at Chang-Joon’s legal residence in Montenegro. This arrangement ensures their availability during the extradition process.
South Korean senior prosecutor Dan Sunghan speaking about the possibility of Kwon facing multiple sentences across the U.S. and South Korea. Source: Bloomberg
In an interview with Bloomberg, Dan Sunghan expressed his view that extraditing Do Kwon to South Korea would be more appropriate for the purpose of achieving justice and compensating the victims. According to Sunghan, the majority of the initial investigation into the collapse of the Terra ecosystem was conducted in South Korea.
He additionally asserted that local authorities possess a greater amount of evidence compared to their American counterparts. Sunghan stated that conducting the investigation and trial in South Korea would be the most efficient means of attaining justice.
In addition, Sunghan highlighted that South Korean authorities have already brought indictments against several individuals who were involved with Do Kwon. When questioned about the possibility of Kwon facing trials in both the United States and South Korea, Sunghan acknowledged that such a scenario is indeed a possibility.
He explained that when a convict has yet to be prosecuted for certain crimes in one jurisdiction, they can be subject to multiple cross-border sentences. This implies that if there are outstanding charges against Kwon in either jurisdiction, he may face separate legal proceedings and sentences accordingly.
Sunghan emphasized that if South Korean authorities do not address all the charges against Kwon within their jurisdiction, there is a possibility that he may be extradited to the United States for prosecution after serving his sentence in South Korea.
The potential sentence in South Korea alone could exceed 40 years, making it the longest ever handed down in the country. Meanwhile, Kwon’s cold wallet, alleged to hold 10,000 Bitcoin (BTC) valued at approximately $26,377 per ticker, remains untraceable. The whereabouts of these assets are currently unknown.
Sunghan confirmed that authorities have the ability to track funds being transferred from the wallet in question. However, the exact location of the wallet and the method employed to withdraw the funds still remain undisclosed.
Describing the magnitude of the situation, Sunghan stated that this is the largest case of financial fraud or financial securities fraud ever witnessed in South Korea.
The complexity and scale of the case make it a significant challenge for investigators as they work towards uncovering the full extent of the fraud and seeking appropriate legal recourse.
š„ JUST IN: #DoKwon has been released on bail once again after Montenegro š²šŖ court dismisses prosecution appeal pic.twitter.com/zOlpLqU17S
— Crypto Rand (@crypto_rand) June 5, 2023
Following his attempt to leave the country using counterfeit documents, Kwon was detained by Montenegro authorities on March 23. Subsequently, both the United States and South Korean authorities submitted extradition requests for him to be returned to their respective countries.
According to South Korean prosecutor Dan Sunghan, the extradition process can be time-consuming, with some requests taking up to nine months to be processed. As Kwon awaits the resolution of the extradition requests, it remains uncertain which country he will ultimately be extradited to, further prolonging the legal proceedings surrounding his case.
In the midst of Binance’s legal dispute with the United States Securities and Exchange Commission (SEC), South Korean authorities have initiated a review of the exchange’s acquisition deals within the country. According to a local report, the Financial Service Committee (FSC), South Korea’s financial watchdog, is currently examining Binance’s acquisition of the local cryptocurrency trading platform Gopax.
The FSC’s review takes into account the alleged securities law violations attributed to Binance and the SEC’s requests to freeze Binance.US assets. Given these circumstances, the FSC finds it challenging to accept the acquisition request from Binance at this stage. The outcome of the review will determine the future of Binance’s acquisition efforts in South Korea.
Important:Ā This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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