Terraform Labs, co-founded by Do Kwon and Daniel Shin, recently transferred millions of Convex Finance (CVX) tokens to another wallet after 277 days of inactivity. As one of the largest holders of CVX, this move has raised questions about the transfer of tokens worth millions almost a year after the Terra-LUNA crisis that affected the crypto market. The article also mentions the current trading prices of Terra (LUNA) and Terra Classic (LUNC), which now have different developer teams and communities.

The prosecutor leading South Korea's investigation into the collapsed Terra-Luna crypto project has called for the extradition of its founder, Kwon Do-hyeong, to Seoul to face trial. Kwon is currently detained in Montenegro for allegedly travelling on a forged passport, and both South Korea and the US have requested his extradition to face charges related to the collapse of his $40 billion crypto empire. Terra's USD stablecoin and sister cryptocurrency Luna collapsed in May 2022, and both South Korean and US prosecutors say the crypto project was designed to defraud investors and violated financial laws in both countries. If convicted, Kwon may face over 40 years in prison, which would be the longest sentence ever in the country for a financial crime. (forkast)

Prosecutors accused the individuals of earning illicit profits of nearly 460 billion Korean won ($350 million), the Korean daily KBS World reported. Kwon would face similar charges if extradited to his home country, Sung-han told the Journal, with a jail term of up to 40 years.  

Do Kown, co-founder and former CEO of now-defunct Terraform Labs, Do Kwon, is facing extradition to South Korea and the United States after being arrested trying to leave Montenegro with a fake passport in late March.

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Do Kwon, the founder of the Terra blockchain platform, is facing extradition to South Korea over allegations of fraud and embezzlement. Kwon is reportedly accused of embezzling funds from a South Korean online education company that he founded and using them to invest in cryptocurrency, including Terra.

The South Korean prosecutor leading the investigation into crypto entrepreneur Do Kwon said he believes extraditing him to his native country would be the best way to bring justice to victims of the TerraUSD cryptocurrency crash, which wiped out some $40 billion from digital currency markets.

The Seoul Southern District Prosecutor’s Office claims that Terraform Labs and co-founder Do Kwon still have access to $100 million held in a Swiss bank account, which was allegedly transferred out of South Korea following the recent legal action against ten Terra associates.

After the arrest of Do Kwon in Montenegro, an active investigation was launched against him and other Terra employees. Let’s look at a few new details.

South Korea is reportedly moving closer to launching a central bank digital currency (CBDC), with a new draft law set to create legal terminology for CBDCs.