US Government Estimates Do Kwon’s Victim Count Potentially Exceeding 1,000,000 People

In accordance with US prosecutors, Do Kwon’s alleged schemes might have affected greater than 1 million victims worldwide.

US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late final month.

Kwon faces fraud fees in reference to Terra’s 2022 demise.

In a lately filed court docket doc, prosecutors allege that Kwon’s “engineered monetary world” relied on “lies and manipulative and misleading methods used to deceive buyers, customers, enterprise companions and authorities regulators.”

Additionally they define the enormity of Kwon’s alleged fraud.

“Finally, buyers suffered greater than $40 billion in losses because of Kwon’s fraud. The victims on this case embrace people and entities in each the USA and overseas who bought Terraform’s cryptocurrencies instantly from Terraform or from third events, together with via cryptocurrency exchanges in the USA and in different nations.

Whereas it’s tough to exactly quantify the variety of Kwon victims given the sheer variety of purchases and gross sales of Terraform’s cryptocurrencies and the style through which these transactions happen (with many transactions in these property going down on international exchanges and by way of digital asset wallets or crypto buying and selling accounts with out personally identifiable data), the federal government estimates that the variety of victims on this case exceeds lots of of hundreds of people and entities, and should complete a couple of million.”

Kwon was initially arrested by authorities in Montenegro in 2023 after he was caught making an attempt to board a flight to the United Arab Emirates (UAE) with a solid Costa Rican passport.

After the arrest of the Terra founder, each the USA and South Korea wished to extradite him. The very best court docket in Montenegro dominated in favor of the US in December.

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