{"id":6777,"date":"2025-01-09T10:31:44","date_gmt":"2025-01-09T10:31:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6777"},"modified":"2025-01-09T10:31:44","modified_gmt":"2025-01-09T10:31:44","slug":"will-do-kwon-land-a-plea-deal-or-is-luna-founder-heading-for-the-slammer","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6777","title":{"rendered":"Will Do Kwon Land a Plea Deal or Is Luna Founder Heading for the Slammer?"},"content":{"rendered":"
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Do Kwon, the founder of Terraform Labs, could face up to 130 years in prison if his legal team does not succeed in the upcoming United States legal drama.<\/span><\/p>\n

Days after his extradition from the United States, Kwon appeared for the second time before the United States Southern District judge of New York on Wednesday, which marks the start of the discovery phase. <\/span><\/p>\n

In this stage, Judge Paul Engelmayer outlined the procedural path of the case. The trial date is scheduled for January 26.<\/span><\/p>\n

Do Kwon\u2019s Extradition and Charges in The US<\/span><\/strong><\/h2>\n

For over two years following the collapse of the Terra platform in mid-2022, Kwon eluded authorities. <\/span><\/p>\n

After being arrested in Montenegro in 2023, he was finally extradited to the United States. <\/span><\/p>\n

However, it wasn\u2019t straightforward. The decision came after much debate about whether he should face justice in his home country, South Korea<\/a>, where he also faced criminal charges. <\/span><\/p>\n

Ultimately, the federal case in the United States took priority, potentially presenting a pivotal moment for legal accountability in crypto.<\/span><\/p>\n

The Collapse Of Terra, UST, and LUNA<\/span><\/strong><\/h2>\n

The Terraform founder is accused of fraud following the collapse of TerraUSD (UST), an algorithmic stablecoin, and LUNA, the primary coin behind the Terra network. <\/span><\/p>\n

In 2022, the collapse of UST and LUNA triggered a contagion, heaping more pressure on top coins, including Bitcoin and Ethereum. Bitcoin was among the coins that backed UST. The depegging of UST forced Kwon\u2019s team to offload BTC in an attempt to re-peg UST to no success.<\/span><\/p>\n