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 just lately submitted court document, prosecutors argue that Kwon’s “constructed monetary world” was propped up on “lies and manipulative and misleading methods used to mislead buyers, customers, enterprise companions, and authorities regulators.”
Additionally they define the large scope of Kwon’s alleged fraud.
“In the end, buyers suffered over $40 billion in losses on account 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 straight 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 belongings occurring on international exchanges and thru digital asset pockets or crypto buying and selling accounts with out private figuring out data), the Authorities estimates that the variety of victims on this case exceeds a whole lot of hundreds of people and entities, and doubtlessly totals a couple of 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 solid Costa Rican passport.
After the Terra founder’s arrest, each america and South Korea needed to extradite him. The best court docket in Montenegro dominated in favor of the US in December.
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