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According to Cointelegraph, Do Kwon, co-founder of Terraform Labs, is about to be sentenced on Thursday after pleading guilty to two felony charges in the United States. A U.S. federal judge is investigating Kwon's legal issues in South Korea and Montenegro, where he has faced separate charges. In a recent filing with the U.S. District Court for the Southern District of New York, Judge Paul Engelmayer requested information from Kwon's legal team and U.S. prosecutors regarding the possible sentences Kwon may face in South Korea. Kwon is expected to be extradited to South Korea after serving any prison time in the U.S. He pleaded guilty to wire fraud and conspiracy to commit fraud in August, with sentencing scheduled for Thursday.
Judge Engelmayer also questioned whether Kwon's time in custody in Montenegro, where he served a four-month sentence for using fake travel documents, would count toward any sentence in the U.S. Kwon had resisted extradition to the U.S. for more than a year. The judge's questions suggest concerns about the possibility of Kwon being released early if he is extradited to South Korea to serve the remainder of his sentence. Kwon was a significant figure in the cryptocurrency industry in 2022 before the collapse of the Terra ecosystem, which contributed to a market downturn and substantial losses for investors. Defense attorneys have requested a maximum sentence of five years in the U.S., while prosecutors advocate for at least 12 years. The U.S. government's sentencing recommendation highlighted the extensive losses caused by Kwon, surpassing those attributable to other notable figures in the cryptocurrency industry.
Kwon's legal team indicated that even if he is sentenced to time served by Judge Engelmayer, Kwon would likely face pre-trial detention in South Korea, where he could be sentenced to up to 40 years. Thursday's hearing may signal the conclusion of Kwon's involvement in the 2022 Terraform collapse. His whereabouts during the cryptocurrency market crash remained unknown until his arrest in Montenegro, where he awaited extradition to the U.S. South Korean authorities issued an arrest warrant for Kwon in 2022, but he has not been apprehended since the collapse of the Terra ecosystem. They have sought his extradition from Montenegro along with the U.S., pursuing related cases against others connected to Terraform.