South Korea Intensifies Push To Extradite TerraLuna Founder For Crypto Scandal

South Korean prosecutors are increasing their efforts to bring South Korean national Kwon Do-hyung, also known as Do Kwon, and five other Terraform Labs employees back to Korea to face fraud charges related to the now-collapsed Terra-Luna stablecoin. The project was developed by Terraform Labs, which is based in Singapore. Last month, the US Securities and Exchange Commission filed a lawsuit against Terraform and Kwon for allegedly defrauding investors by hosting a “multi-billion dollar crypto asset securities fraud.” The Federal Bureau of Investigation and the Southern District of New York prosecutors are also investigating former Terraform employees equally as the SEC lawsuit. Singapore police have launched their own investigation into Terraform Labs. During his podcast appearance last year, Kwon acknowledged his responsibility for the Terra project’s failure but insisted no fraud was involved.