Extradition of Do Kwon, Founder of Terra Coins: Why Prosecutors are Seeking Extradition

03/24/2023 02:29 • Metaverse & Beyond • 114 views

According to reports, South Korean prosecutors will seek the extradition of Do Kwon, the founder of Terra coins. Early this morning, US prosecutors filed criminal fraud charges against Do Kwon and sought to extradite Do Kwon to the United States. Do Kwon was arrested in Montenegro yesterday.

South Korean prosecutors will seek extradition of Do Kwon

Introduction

The news of Do Kwon, the founder of Terra coins, being arrested in Montenegro has sent shockwaves across the cryptocurrency community. Today, reports suggest that South Korean prosecutors will seek his extradition after US prosecutors filed criminal fraud charges against him. This article will delve into the reasons why prosecutors are seeking Do Kwon’s extradition.

Do Kwon’s Alleged Fraud

According to US prosecutors, Do Kwon has been involved in a $22 million cryptocurrency fraud scheme. They allege that Kwon overstated the supply and demand of Terra coins to increase their price. Kwon and his associates also allegedly issued a fake report, misrepresenting the company’s financial performance to lure investors. The US prosecutors charged Kwon with wire fraud and conspiracy to commit wire fraud.

South Korea’s Involvement

The South Korean government is a major player in the global cryptocurrency market, being home to many crypto exchanges and investors. Recently, the South Korean government has been tightening regulatory measures around cryptocurrency trading. The move to seek Kwon’s extradition is a clear signal that the South Korean government takes fraudulent activities related to cryptocurrency seriously.

How Extradition Works

Extradition is a complex legal process that involves transferring a person who has been accused of a crime to another country to stand trial. In this case, South Korean prosecutors will need to make a formal request to the Montenegrin government for Kwon’s extradition. Montenegro will then review the request and decide whether to extradite him based on the country’s own extradition laws and international treaties.

Conclusion

Do Kwon’s arrest and criminal charges have raised concerns about the transparency and accountability of the cryptocurrency market. The move to seek his extradition highlights the global reach of financial crime and the need for international cooperation to bring fraudsters to justice, even in the digital world. The cryptocurrency market is still relatively new, and authorities around the world will need to work together to develop regulations that protect investors and prevent fraudulent activities.

FAQs

1. What is Terra coin?

Terra coin is a cryptocurrency designed to function as a stablecoin, meaning that its value is pegged to another currency or asset to reduce volatility.

2. Can cryptocurrency fraud be prevented?

While it is difficult to prevent all fraud in the cryptocurrency market, there are several measures that can be taken to reduce the risk, such as regulatory oversight, transparency, and due diligence.

3. Is extradition a common practice in cryptocurrency fraud cases?

Extradition is becoming increasingly common in cryptocurrency fraud cases as the digital world creates new challenges for law enforcement agencies to track and hold criminals accountable.

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