Terra co-founder, Do Kwon, currently embroiled in a passport forgery case in Montenegro, had his bail revoked by the court following objections from prosecutors who cited concerns about flight risk and the bail amount.
In the midst of growing discussions surrounding his potential extradition, Do Kwon has enlisted the services of Dentons, the renowned law firm, to handle his legal affairs pertaining to lawsuits and investigations in the United States. Digital Asset reported on May 29 that Dentons, ranking sixth among global law firms in 2023, holds the distinction of being the largest law firm worldwide based on its number of lawyers.
The legal woes for Do Kwon commenced earlier this year when the US Securities and Exchange Commission (SEC) filed a lawsuit against both Do Kwon and Terraform Labs, accusing them of fraud and the sale of unregistered securities. Subsequently, in March, the US District Attorney's Office for the Southern District of New York indicted Do Kwon on eight charges, encompassing securities fraud, wire fraud, commodities fraud, and conspiracy.
Dentons had previously represented Do Kwon in challenging a subpoena from the US SEC during its investigation into the Mirror Protocol in 2021, as well as in a class action lawsuit in the Singapore High Court in 2022. Furthermore, the law firm has been serving as legal counsel for Terra in various other legal disputes.
Increasing Legal Scrutiny Targets Terra Executives
South Korean authorities gear up for Do Kwon's potential extradition as prosecutors assert that they possess additional evidence and cases against him. Notably, Terraform Labs and Do Kwon made substantial cryptocurrency withdrawals in May, amounting to millions.
Simultaneously, Terra co-founder Daniel Shin is set to face his initial trial at the Seoul Southern District Court. In preparation for his defense, Shin has assembled a formidable team of 30 lawyers, including a prosecutor with prior experience investigating the Terra-LUNA crises.