Following his extradition to the United States, Do Kwon, the co-founder of the Terra (LUNA) ecosystem, is facing fraud charges that could have impacted over 1 million victims worldwide, as claimed by US prosecutors.
Kwon’s alleged schemes led to the multibillion-dollar downfall of Terra in 2022, with prosecutors accusing him of building a “financial world” based on deceitful tactics to mislead investors, users, business partners, and regulators.
The extent of Kwon’s fraud is staggering, with investors reportedly suffering losses exceeding $40 billion. The victims include individuals and entities from various countries who purchased Terraform’s cryptocurrencies directly or through third parties and exchanges.
In a court document, the government estimates that the number of victims in this case could surpass hundreds of thousands, potentially reaching more than one million due to the complex nature of cryptocurrency transactions.
Kwon was apprehended in Montenegro in 2023 while trying to flee to the UAE using a fake Costa Rican passport. Subsequently, both the US and South Korea sought his extradition, with Montenegro’s highest court ruling in favor of the US in December.
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