Today, the financial community has set off another storm! According to Yonhap News Agency and others, Kwon Do-hyung, the "initiator of the ruin" of virtual currencies Terra and Luna, will be extradited to the United States or face a hundred years in prison, which shocked the entire cryptocurrency circle!
Kwon Do-hyung, who co-founded Terraform Labs and launched the high-profile virtual currencies Terra and Luna in 2018. At the time, the two cryptocurrencies were attracting hundreds of millions of dollars in a frenzied manner, and they were in the limelight for a while. However, in 2022, the price of LUNA will exceed 99%, causing heavy losses for global investors, and this so-called boom will come to naught in an instant.
Kwon and Terraform Labs are allegedly involved in organizing billions of dollars in cryptoasset fraud, according to the U.S. Securities and Exchange Commission. Now, he will be tried in the Manhattan courtroom in the United States, which is not only an ordinary trial, but also a historic verdict that has attracted the attention of the financial community.
In South Korea, the maximum sentence for economic crimes is about 40 years, but the United States has a "double punishment system" where the sentence for each crime is cumulative. Kwon faces up to 100 years in prison, and the verdict will be a blow to the financial world and will have far-reaching implications for the future of financial markets, which will certainly serve as a wake-up call to those who seek to use cryptocurrencies to commit fraud.
Meanwhile, Han Chang-joon, the former chief financial officer of Terraform Labs, has also been extradited to South Korea and faces serious charges. Prosecutors said he was suspected of fraudulently obtaining at least 53.6 billion won in improper income, which is also a high-profile case.
In the face of this chain of events, financial markets are once again in a heavy atmosphere. How will the future of the cryptocurrency market evolve? What will happen to Kwon Do-hyung and his team? These are questions worth pondering. Let's look forward to witnessing the development of history and exploring a new chapter in the financial world!