South Korean prosecutors argue that Do Kwon should be extradited to South Korea as they are better positioned to provide justice for the victims of the Terra-LUNA crash.
On Friday, South Korean prosecutors recommended that Terra founder Do Kwon, who is currently facing trials in Montenegro, should be extradited to South Korea. They have been investigating the Terra-LUNA crisis for a longer period of time than the US, and believe they are in the best position to bring justice to the victims who lost almost $40 billion.
Terra Founder Do Kwon Extradition to South Korea
Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, stated that Terra co-founder Do Kwon should be extradited to South Korea instead of the US. He said that the majority of evidence and Terra affiliates are located in South Korea, making the country best prepared for the legal proceedings. This was reported by Wall Street Journal on May 5.
A South Korean prosecutor has stated that the Terra-LUNA crisis played a role in promoting talks about stricter regulations for the cryptocurrency sector.
South Korea and the United States both want to bring Do Kwon back to their countries. He was arrested in March in Montenegro for using fake documents to fly to Dubai.
Montenegro’s Minister of Justice, Marko Kovac, announced on March 29 that Do Kwon’s extradition decision would be made in a separate court proceeding following the passport forgery case. The decision to extradite him would depend on various factors, such as the severity of his crimes, where the offenses were committed, the order of requests, and his nationality.
Prosecutors in South Korea attempted to obtain an arrest warrant for co-founder Daniel Shin for the second time. However, the court denied the request, stating that there was no risk of him fleeing or destroying evidence.
South Korean prosecutors have charged Terra co-founder Daniel Shin and seven others with fraud, breach of duty, and embezzlement, but did not detain them. They are monitoring Terra transactions and have disclosed that Do Kwon still holds millions of dollars worth of Bitcoin in a Swiss bank.
Terra (LUNA) and Terra Classic (LUNC) Price Fall
Since the arrest of Do Kwon, the prices of Terra (LUNA) and Terra Classic (LUNC) have been declining. On March 23, the prices of LUNA and LUNC both dropped, with LUNA falling by 8% and LUNC falling by 4%.
Over the past day, the price of LUNA dropped by 1% to $1.21 and the price of LUNC fell 2% to $0.000103. Despite lower trading volume, the Terra projects are aiming for a comeback with their skilled team of developers.