U.S. Department of Justice "Kwon Do-hyung Loses KRW 58 Trillion to Investors"maximum sentence of 130 years"

If Kwon Do-hyung, a key figure in the cryptocurrency 'Terra and Luna' crash, is found guilty, the maximum sentence is expected to reach 130 years.

The U.S. Department of Justice issued a press release saying Kwon caused as much as $40 billion in losses from investors and 58 trillion won in our money.Mr.

appeared at an indictment hearing in New York's Southern District Court on the 2nd local time and pleaded not guilty, and the Justice Department explained that he will be put before John Cronan, the judge in charge, on the 8th.

In releasing the changed indictment, the Justice Department said it added one count of conspiracy to commit money laundering to eight charges, including securities fraud, fraud using telecommunications networks and conspiracy to manipulate market prices.

The Justice Department said it could face up to 130 years in prison if all nine charges are found, including up to 10 years each for two product scams and up to 20 years for two securities scams.

The U.S. Department of Justice explained that Mr. Kwon was involved in a number of schemes that tricked investors to fraudulently inflate the value of virtual currencies.

Attorney General Merrick Garland said Kwon would be held accountable in U.S. court for causing more than $40 billion in investor losses with elaborate schemes.

It added that the repatriation from Montenegro shows the U.S. Department of Justice's international partnership to track criminals wherever they try to hide.