South Korea lead prosecutor says Do Kwon likely to spend most of life in prison

Once Terra founder Do Kwon’s trial in Montenegro comes to a close, he’s expected to be extradited to either South Korea or the US, where he’s wanted for charges of fraud as a result of the collapse of the Terra/Luna ecosystem last year.

Both countries are keen to bring the former fugitive to justice. According to Dan Sunghan, director of the financial crime investigation bureau at Seoul’s Southern District Prosecutor’s Office and the lead investigator in Kwon’s case, Kwon is expected to receive a record sentence for fraud in South Korea — over 40 years behind bars.

“This is the largest financial fraud or financial securities fraud case that has ever happened in South Korea,” Dan told Bloomberg. Local prosecutors have seized 247 billion won ($190 million) tied to the case so far and are about to get hold of an extra 32 billion won ($25 million). 

But before extradition can begin, Kwon still has a few months in Montenegro fighting charges of document fraud, which he denies. “It’s our understanding that the extradition process can take up to nine months, depending on how long the suspect has been in custody and so forth,” Dan said.

Read more: Do Kwon sent law firm millions of dollars before Terra crash

After that, he’ll be extradited either to South Korea or the US — but according to Dan, it’s possible that he could face charges in both countries. 

Kwon could be “extradited to the US and face trial there, and then have the sentence executed in South Korea and the US after that,” he told Bloomberg.

The former fugitive has just been granted €400,000 bail after his first request was denied — a likely reprieve from Montenegro’s grim jail conditions. However, his lawyer might regret getting him out; Kwon’s bail agreement means he’ll need to stay in their apartment while the case unfolds.

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