Do Kwon’s alleged schemes might have impacted greater than 1 million victims worldwide, in response to 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 not too long ago submitted courtroom doc, 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.”
In addition they define the large scope of Kwon’s alleged fraud.
“Finally, buyers suffered over $40 billion in losses on account of Kwon’s fraud. The victims on this case embody, amongst others, people and entities in each the US and overseas who bought Terraform’s cryptocurrencies instantly from Terraform or from third events, together with by way of cryptocurrency exchanges primarily based in the US and in different international locations.
Whereas it’s troublesome 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 overseas 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 bunch 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 solid Costa Rican passport.
After the Terra founder’s arrest, each the US and South Korea wished to extradite him. The best courtroom in Montenegro dominated in favor of the US in December.
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