As per the January 6 filing with the US District Court for the Southern District of New York, prosecutors have now outlined procedures for public notice for affected victims in the Do Kwon criminal case. The victims are guaranteed protection from further harm and access to the prosecuting attorney for consultation. They are also guaranteed updates and eligibility for restitution, as appropriate.
Do Kwon’s Case Affects Over One Million Victims
Notably, the filing continued the legal proceedings into Do Kwon after $40 billion in investors’ funds were wiped out in the wake of the collapse of his Terraform Labs in 2022.
The US government has estimated the number of affected victims to be over one million. Therefore, prosecutors have created a website to inform victims of their rights. They believe traditional ways of sending notices are “impractical” for the many victims affected by the collapse of the Terra ecosystem.
The dedicated platform will ensure that the affected parties are duly informed of their rights as proscribed in the Justice for All Act 2024. Likewise, affected parties will be notified of the progress of the public proceedings. Furthermore, the website provides updates and detailed steps for interested parties to participate in the sentencing or restitution process where applicable.
Do Kwon Pleads Not Guilty to Charges
On January 2, Do Kwon began his trial in the US, where he pleaded not guilty to criminal charges levied against him. Afterward, he faced a US court for the first time since his extradition from Montenegro.
Prosecutors allege that Do Kwon defrauded investors through deceptive practices. He could face up to 130 years in prison if found guilty.
Do Kwon’s Legal Woes Span Multiple Jurisdiction
Terraform’s collapse has had a large impact on the crypto ecosystem. As a result, the co-founder is wanted in several countries, including the US and South Korea. Do Kwon was arrested at Podgorica Airport in Montenegro on March 23, 2023, after attempting to flee to Dubai with fake passports.
After initially dismissing an extradition appeal, the Montenegro Supreme Court chose to extradite Do Kwon to the US instead of South Korea. According to the Ministry of Justice, most legal conditions favored the US to hold Kwon accountable for masterminding one of crypto’s most catastrophic downfalls. Also, factors like the seriousness of the crimes and the order of requests were considered.
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