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Do Kwon

US Court Appearance Scheduled For Do Kwon Amid Claims Of $40 Billion In Crypto Losses

Ronaldo Marquez
by Ronaldo Marquez
7 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Do Kwon, the South Korean entrepreneur behind the failed cryptocurrencies TerraUSD and Luna, is set to appear in a Manhattan federal court on Thursday, facing serious criminal fraud charges. 

This follows his recent extradition from Montenegro, where he had been detained for over a year after attempting to use falsified travel documents at the country’s Podgorica airport.

Do Kwon Faces Criminal Charges In The US 

Kwon’s legal troubles stem from the catastrophic collapse of his digital currencies in 2022, which resulted in an estimated loss of $40 billion for investors. 

The SEC and the Manhattan US Attorney’s office allege that Kwon misled investors about the stability of TerraUSD, a stablecoin purported to maintain a value of $1. The failure of TerraUSD, along with its sister token Luna, triggered a broader downturn in the cryptocurrency market, impacting established digital assets like Bitcoin (BTC).

Related Reading: Dogecoin Price Enters Consolidation Zone After Market Bounce With Eyes At $3

Federal prosecutors in Manhattan have charged him with multiple counts, including securities fraud, wire fraud, commodities fraud, and conspiracy. However, Do Kwon has consistently denied any wrongdoing, asserting that he acted transparently regarding the workings of his products.

In a significant development last June, Kwon agreed to pay an $80 million civil fine to the US Securities and Exchange Commission (SEC) as part of a $4.55 billion settlement related to his company, Terraform Labs. 

As part of the settlement, Do Kwon also accepted a ban on future cryptocurrency transactions. Despite this, Kwon’s legal challenges are far from over, as he faces the potential for criminal penalties in the US judicial system.

During a civil trial in April, a federal jury found Kwon and Terraform Labs liable for defrauding investors. Closing arguments from Terraform’s legal team contended that Kwon had been truthful about his products, even as they failed. However, Do Kwon was absent from the trial due to his detention in Montenegro.

A Critical Test For Cryptocurrency Regulation?

As Bitcoinist reported, Montenegro’s Minister of Justice, Bojan Božović, signed the extradition order for Kwon last week, rejecting South Korea’s request for his return. This decision came after a legal battle that involved extradition requests from both the US and South Korea for over a year. 

Do Kwon joins a growing list of cryptocurrency executives facing legal repercussions following the market’s downturn in 2022. 

Notable figures include Sam Bankman-Fried, the founder of the collapsed FTX exchange, who is currently appealing a 25-year sentence for defrauding customers, and Alex Mashinsky, former CEO of Celsius Network, who recently pleaded guilty to fraud charges.

Related Reading: Bitcoin In Swiss Reserves? Proposal Filed By Swiss Chancellery

As Kwon prepares for his court appearance, the outcome could have significant implications for the future of cryptocurrency regulation and investor protection. 

The courtroom drama is poised to draw considerable attention, not only due to Kwon’s high-profile status but also because of the broader impact his case may have on the rapidly digital currency landscape.

Do Kwon
The daily chart shows LUNC’s price rebound to the upside. Source: LUNCUSDT on Tradingview.com

At the time of writing, Terra’s Luna Classic (LUNC) token is trading at $0.0001148, up 1.2% in the 24-hour time frame. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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