"When Do Kwon gets out of prison, he must not be able to do anything, right?"
The co-founder of Terraform Labs, Do Kwon, who is accused of defrauding the cryptocurrency market and causing the loss of $40 billion, will reportedly be sentenced to up to four decades in prison in South Korea and the United States (US).
According to Dan Sunghan who serves as the director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, Kwon will likely be tried and sentenced in both jurisdictions on different charges.
In addition to insisting that Kwon should be extradited to an Asian country first, Sunghan also said that the issue is the biggest financial securities fraud case that has ever happened in South Korea.
Before US prosecutors charged Kwon, the US Securities and Exchange Commission (SEC) earlier this year accused him and Terraform Labs of fraud.
It is already known that the charges filed by South Korea include violations of capital market laws, but Kwon's legal representative not only rejected the allegations of prosecutors in Seoul but also stated that the SEC's accusations were completely baseless.
According to the SEC's lawsuit, Kwon and Terraform Labs transferred over 10,000 Bitcoins (BTC) from his failed project and then converted some of these tokens into cash through a Swiss bank.
Further, the SEC also claimed that those who kept the token in a cold wallet had been accessing it periodically since May last year, where it was a safe storage method not connected by any crypto exchange.
So far, authorities have seized 246.8 billion won ($190 million) in connection with the case and now they need to find another 31.6 billion won.
