Do Kwon’s alleged schemes might have impacted greater than 1 million victims worldwide, in line with US prosecutors.
US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late final month.
Kwon faces fraud fees associated to the multibillion-dollar downfall of Terra in 2022.
In a not too long ago submitted court document, 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 embrace, amongst others, people and entities in each america and overseas who bought Terraform’s cryptocurrencies straight from Terraform or from third events, together with via cryptocurrency exchanges based mostly in america 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 international exchanges and thru digital asset pockets or crypto buying and selling accounts with out private figuring out data), the Authorities estimates that the variety of victims on this case exceeds tons of of hundreds of people and entities, and probably totals a couple of 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 cast Costa Rican passport.
After the Terra founder’s arrest, each america and South Korea wished to extradite him. The very best court docket in Montenegro dominated in favor of the US in December.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
