Do Kwon Hired Super Large Global Law Firm Dentons To Deal With US Prosecutors

Key Points:

• Founder Terra Do Kwon hired a global mega-law firm to respond to the prosecution and investigation by US federal prosecutors.
• Dentons is ranked 6th in the global law firm rankings for 2023.
• In March, New York’s Southern District Attorney’s Office indicted Kwon on eight counts of conspiracy and fraud.

According to Digital Asset media, Kwon Do-hyeong (Do Kwon), founder and CEO of Terraform Labs (TFL), who was arrested in Montenegro at the end of March, recently appointed a global mega-law firm in response to the prosecution and investigation by US federal prosecutors.

This law firm is known as Dentons. According to Law.com and Wikipedia, as of May 29, this law firm is ranked 6th in the global law firms ranking 2023.

It is the largest law firm in the world by number of lawyers. As of May, Dentons had 12,000 attorneys, four times the number of attorneys at other global law firms. It is known for having the most significant number of lawyers from China among international law firms.

Dentons was founded in 2015, and at the time, domestic and foreign media reported that “the world’s largest law firm was formed by merging law firms in the United States and China”.

In early February, the US Securities and Exchange Commission (SEC) filed a lawsuit against Kwon and TFL for selling unregistered securities and committing fraud.

In March, New York’s Southern District Attorney’s Office indicted Kwon on eight counts, including securities fraud and conspiracy to manipulate market prices. This is the first criminal prosecution by the US federal prosecutor’s office against Kwon.

In the same March, Montenegrin authorities arrested Do Kwon at Podgorica airport while trying to leave for Dubai with a fake passport. Kwon has been hiding from wanted warrants since the collapse of the Terra ecosystem, wiping out $60 billion in market capitalization in just a few days, and shaking the entire crypto industry.

After trying to get bail with more than $400,000. Do Kwon was canceled by the High Court of Podgorica, the bail decisions of CEO Do-hyung Kwon, and Han Chang-Joon, former CEO of Chai Corporation.

Do Kwon is said to face up to 40 years in prison in South Korea and five years in prison for the charges in Montenegro, where his trial is scheduled for June 16.

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