Do Kwon’s alleged schemes may have impacted greater than 1 million victims worldwide, in line with US prosecutors.
US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late final month.
Kwon faces fraud expenses associated to the multibillion-dollar downfall of Terra in 2022.
In a not too long ago submitted court docket doc, prosecutors argue that Kwon’s “constructed monetary world” was propped up on “lies and manipulative and misleading strategies used to mislead buyers, customers, enterprise companions, and authorities regulators.”
In addition they define the large scope of Kwon’s alleged fraud.
“Finally, buyers suffered over $40 billion in losses because of Kwon’s fraud. The victims on this case embody, amongst others, people and entities in each the US and overseas who bought Terraform’s cryptocurrencies straight from Terraform or from third events, together with by cryptocurrency exchanges primarily based in the US and in different nations.
Whereas it’s tough to exactly quantify the variety of Kwon’s victims in gentle of the sheer variety of purchases and gross sales of Terraform’s cryptocurrencies and the way of these transactions (with many transactions in these belongings occurring on international exchanges and thru digital asset pockets or crypto buying and selling accounts with out private figuring out info), the Authorities estimates that the variety of victims on this case exceeds a whole lot of hundreds of people and entities, and probably totals multiple million.”
Kwon was initially arrested by authorities in Montenegro in 2023 after he was caught trying to board a flight to the United Arab Emirates (UAE) with a cast Costa Rican passport.
After the Terra founder’s arrest, each the US and South Korea needed to extradite him. The very best court docket in Montenegro dominated in favor of the US in December.
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