Do Kwon’s alleged schemes may have impacted greater than 1 million victims worldwide, based on 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 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 traders, customers, enterprise companions, and authorities regulators.”
Additionally they define the huge scope of Kwon’s alleged fraud.
“Finally, traders 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 straight 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 gentle 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 probably 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 court docket in Montenegro dominated in favor of the US in December.
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