Do Kwon, the CEO of Terraform, an open-source software development company, was captured in Montenegro and is facing eight felony counts, including investor fraud, securities fraud, mail fraud, and commodity fraud. US and South Korean officials have attempted to transfer him to their respective countries for prosecution.
The Disparity In The Maximum Jail Sentence
According to Chinese crypto journalist Colin Wu, there is a significant disparity in the maximum jail sentence between the United States and South Korea. Wu stated, “When the punishments for the numerous offenses that Kwon must face in the United States are put together, Kwon's maximum penalty in the United States can be more than 100 years, whereas the maximum sentence in Korea is only about 40 years.”
Sam Bankman-Fried's Comparable Punishment
Former FTX CEO Sam Bankman-Fried could face a comparable, if not harsher, punishment. Sam is accused of up to 13 separate crimes, and if convicted of all of them, he could face a sentence of more than a century in jail. Sam recently pleaded not guilty to a number of fraud accusations leveled against him in court.
Do Kwon's Defense Attorney
Does Kwon have his own defense attorney？ Kwon's counsel had earlier claimed in his client's defense that his business had “limited contact” with the United States. “The majority of this company's business is basically global, and it is not particularly aimed at the United States,” according to the attorney.
Attempts To Escape Prosecution In The US
Many believe Do Kwon is attempting to escape prosecution in the United States. According to Yonhap News Agency, “In South Korea, there is no standard and no law to determine whether cryptocurrencies are securities or not, but in the United States, the SEC has identified many cryptocurrencies as securities.” As a result, crypto companies are subject to securities laws. Kwon may be attempting to escape a trial in the United States in order to lessen the severity of the penalty in the future.
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