Do Kwon, known as the "cryptocrash king" in South Korea, has been imprisoned in relation to TerraUSD

Do Kwon, also known as the “cryptocrash king” in South Korea, is an individual who has gained attention in the cryptocurrency world. He has been imprisoned in connection with the collapse of TerraUSD, a stablecoin.

The specific details surrounding his imprisonment, such as the charges and the duration of his sentence, may require further information as they might not be widely available or have been recently reported.

Montenegro has sentenced Do Kwon, the cryptocurrency executive responsible for the significant collapse of the terraUSD and Luna tokens, to a four-month jail term.

After being apprehended at Podgorica Airport while attempting to board a flight to Dubai, Mr. Kwon has been convicted of forging official documents.

In addition to his conviction in Montenegro, Mr. Kwon is also facing charges in the United States and South Korea relating to the collapse of the two digital tokens in the previous year.

Han Chang-joon, the former finance officer of Terraform Labs, Mr. Kwon’s company, has also received a four-month prison sentence after being found guilty of the same charges.

Despite pleading not guilty during their initial court hearing in May, both Mr. Kwon and Mr. Han have been sentenced. The court has stated that the sentences will account for the time they have already spent in detention since their arrest in March.

Both Mr. Kwon and Mr. Han have the option to file an appeal against the verdict within eight days of receiving written notification from the court.

Mr. Kwon and Terraform Labs were accused by US regulators in February of “orchestrating a multi-billion dollar crypto asset securities fraud.”

Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), has accused Terraform and Do Kwon of failing to fulfill their obligation of providing comprehensive, equitable, and honest disclosure to the public regarding various crypto asset securities, notably Luna and TerraUSD.

Last year, a South Korean court issued arrest warrants for Mr. Kwon and five other individuals associated with the case.

Prosecutors have stated their belief that Terraform Labs, a Singapore-registered company, has violated capital market regulations.

Montenegro does not possess extradition treaties with the United States or South Korea.

The collapse of the terraUSD stablecoin and its associated Luna token had a significant impact on cryptocurrency markets in May 2022.



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By Ryan

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