MEMETOON

A trial on Mr. Kwon&#39;s fraud charges was held in New York on the 25th (local time), with it not being decided whether Terraform Labs co-founder Kwon Do-hyung would be extradited to the United States or Korea.According to Reuters on this day, the legal representative of the U.S. Securities and Exchange Commission (SEC) said in court, “Terra was a fraud,” and described it as “a fraud that caused investors to lose almost everything.” In 2021, the SEC filed a lawsuit against Kwon and Terraform Labs, alleging that they caused billions of dollars in virtual asset securities fraud damage to investors. U.S. investigative authorities began an investigation after determining that Mr. Kwon had misled investors by touting Terra&#39;s technological prowess and stability.On this day, the trial was held without Mr. Kwon. Mr. Kwon was arrested on charges of using a fake passport at Podgorica International Airport in Montenegro in March last year and sentenced to four months in prison. He was released after completing his sentence on the 23rd, but was immediately transferred to a foreigner detention center. He is expected to await the extradition ruling from Montenegro&#39;s Supreme Court here.On the 22nd, Montenegro&#39;s Supreme Court approved the request of the Supreme Prosecutor&#39;s Office to reconsider the decision of the Podgorica High Court that decided to extradite Mr. Kwon to Korea.Original link: https://www.sedaily.com/NewsView/2D6SBO6E20 Twitter link: https://twitter.com/memetoonk/status/1772961262680576186

USA, trial begins without Kwon Do-hyung... SEC “Terra is a pavilion of thought” (Seoul Economic Daily)

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