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South Korea Set to Prosecute Terra's Do Kwon: Could Face Over 30 Years in Prison

Do Kwon, co-founder of Terraform Labs, may soon face additional legal challenges in South Korea following his recent 15-year sentence in the United States.

Reports indicate that if extradited back to South Korea, he could undergo a second trial for severe violations of the Capital Markets Act.

Kwon has admitted to charges including conspiracy to defraud and wire fraud, apologizing for the collapse of TerraUSD (UST), which affected over 200,000 victims.

The South Korean authorities have expressed that domestic prosecution would better serve the interests of local victims, who collectively incurred losses exceeding $204 million.

Prosecutors there have indicated that a guilty verdict could result in a sentence far exceeding the current US penalty, potentially reaching 30 years.

The chance of extradition arises if Kwon applies to the International Prisoner Transfer Program after serving half of his sentence in the US.

This course of events underscores the ongoing complexities in the international legal pursuit of cryptocurrency fraud.

While Kwon's case is notable for its scale, it serves as a critical reminder of the repercussions faced by entrepreneurs in the crypto space.

As authorities around the world scrutinize the digital currency industry, Kwon’s potential second trial in South Korea may set significant precedents.

The fate of Kwon continues to be watched closely by the crypto community and beyond, as it reflects broader regulatory challenges in the fast-evolving landscape of digital assets.