Do Kwon’s alleged schemes may have impacted greater than 1 million victims worldwide, in keeping with US prosecutors.
US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late final month.
Kwon faces fraud prices associated to the multibillion-dollar downfall of Terra in 2022.
In a lately submitted court document, 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.”
Additionally they define the huge scope of Kwon’s alleged fraud.
“In the end, buyers suffered over $40 billion in losses because of Kwon’s fraud. The victims on this case embrace, amongst others, people and entities in each america and overseas who bought Terraform’s cryptocurrencies instantly from Terraform or from third events, together with via cryptocurrency exchanges based mostly in america and in different nations.
Whereas it’s tough to exactly quantify the variety of Kwon’s victims in mild of the sheer variety of purchases and gross sales of Terraform’s cryptocurrencies and the way of these transactions (with many transactions in these property 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 1000’s of people and entities, and doubtlessly 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 america and South Korea wished to extradite him. The best courtroom in Montenegro dominated in favor of the US in December.
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