Kwon Do-hyung Trial Proceeds In Southern District Of New York Like FTX Bankruptcy

The trial of Kwon Do-hyung, a key figure in the cryptocurrency Terra and Luna crashes, will take place in the same Southern District Court in New York as Sam Bankman-Fried, who caused the FTX bankruptcy.

Earlier, the U.S. Southern District Prosecutors' Office in New York handed Kwon over to trial on a total of eight charges, including securities fraud, communication network fraud, and conspiracy to manipulate market prices, shortly after Kwon was arrested in Montenegro in March 2023.

The criminal trial requires direct attendance of the accused, so Kwon's trial has not been carried out since the indictment, but the trial process is expected to begin with the extradition.The Southern District Prosecutors' Office in New York, which prosecuted Mr.
, is also called the Wall Street Grim Reaper, the most elite prosecutor organization in the United States that has handled large financial and white-collar crimes.If Mr.

is found guilty in the United States, it is expected that he could be sentenced to heavy punishment and confiscation of property on an astronomical scale.

The Southern District Prosecutors' Office in New York has emphasized that even cross-border virtual currency-related crimes are subject to punishment without exception.

Damien Williams, the former chief of the Southern District of New York who prosecuted Bankman-Fried, said the blockchain-based web was not lawless and stressed that fraud, whether it was blockchain or Wall Street, was fraudulent.

Unlike South Korea, where the maximum sentence for economic criminals is about 40 years in prison, the U.S. adopts the concomitant principle of summing up the sentences for each individual crime, which theoretically allows more than 100 years in prison.