Do Kwon Faces 100 Years In Prison In The US And 40 Years In South Korea
Key Points:
- Do Kwon faces eight felony counts of investor, securities, mail, and commodity theft.Kwon’s highest penalty in the US is over 100 years, compared to Korea’s 40 years, due to his many crimes.
- In the US, the SEC has classified many cryptocurrencies as securities, so companies that use them are liable to securities laws. South Korea has no such standard. Thus, Kwon may be evading US indictment to lower his future penalty.
Following Do Kwon’s capture in Montenegro, US and South Korean officials attempted to transfer him to their respective countries for prosecution.
According to a Yonhap News Agency story, Chinese crypto journalist Colin Wu stated, “It should be noted that the criminal penalties in the United States will be much harsher than in South Korea.” In reality, there is a significant disparity in the maximum jail sentence.”
“Kwon faces eight felony counts, including investor fraud, securities fraud, mail fraud, and commodity fraud… When the punishments for the numerous offenses that Kwon must face in the United States are put together, Kwon’s maximum penalty in the United States can be more than 100 years, whereas the maximum sentence in Korea is only about 40 years,” said Colin Wu.
It’s worth noting that former FTX CEO Sam Bankman-Fried could face a comparable, if not harsher, punishment. Because Sam is accused of up to 13 separate crimes, and if convicted of all of them, he could face a sentence of more than a century in jail.
Sam recently pleaded not guilty to a number of fraud accusations leveled against him in court. Do Kwon, like Sam, has his own defense attorney. Kwon’s counsel had earlier claimed in his client’s defense that his business had “limited contact” with the United States.
“Do Kwon is the CEO of Terraform, an open source software development company with little ties to the US.” The majority of this company’s business is basically global, and it is not particularly aimed at the United States, according to the attorney.
Many believe Do Kwon is attempting to escape prosecution in the United States. According to Yonhap News Agency, “in South Korea, there is no standard and no law to determine whether cryptocurrencies are securities or not, but in the United States, the SEC has identified many cryptocurrencies as securities.” As a result, crypto companies are subject to securities laws. As a result, Kwon may be attempting to escape a trial in the United States in order to lessen the severity of the penalty in the future.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
Author
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Do Kwon Faces 100 Years In Prison In The US And 40 Years In South Korea
Key Points:
- Do Kwon faces eight felony counts of investor, securities, mail, and commodity theft.Kwon’s highest penalty in the US is over 100 years, compared to Korea’s 40 years, due to his many crimes.
- In the US, the SEC has classified many cryptocurrencies as securities, so companies that use them are liable to securities laws. South Korea has no such standard. Thus, Kwon may be evading US indictment to lower his future penalty.
Following Do Kwon’s capture in Montenegro, US and South Korean officials attempted to transfer him to their respective countries for prosecution.
According to a Yonhap News Agency story, Chinese crypto journalist Colin Wu stated, “It should be noted that the criminal penalties in the United States will be much harsher than in South Korea.” In reality, there is a significant disparity in the maximum jail sentence.”
“Kwon faces eight felony counts, including investor fraud, securities fraud, mail fraud, and commodity fraud… When the punishments for the numerous offenses that Kwon must face in the United States are put together, Kwon’s maximum penalty in the United States can be more than 100 years, whereas the maximum sentence in Korea is only about 40 years,” said Colin Wu.
It’s worth noting that former FTX CEO Sam Bankman-Fried could face a comparable, if not harsher, punishment. Because Sam is accused of up to 13 separate crimes, and if convicted of all of them, he could face a sentence of more than a century in jail.
Sam recently pleaded not guilty to a number of fraud accusations leveled against him in court. Do Kwon, like Sam, has his own defense attorney. Kwon’s counsel had earlier claimed in his client’s defense that his business had “limited contact” with the United States.
“Do Kwon is the CEO of Terraform, an open source software development company with little ties to the US.” The majority of this company’s business is basically global, and it is not particularly aimed at the United States, according to the attorney.
Many believe Do Kwon is attempting to escape prosecution in the United States. According to Yonhap News Agency, “in South Korea, there is no standard and no law to determine whether cryptocurrencies are securities or not, but in the United States, the SEC has identified many cryptocurrencies as securities.” As a result, crypto companies are subject to securities laws. As a result, Kwon may be attempting to escape a trial in the United States in order to lessen the severity of the penalty in the future.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
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