The legal team of the U.S. government, acting as prosecutors in their criminal case against Do Kwon, have detailed their approach to gathering evidence, which involves petitioning for search warrants to access Do Kwon’s emails and Twitter accounts managed by Terraform Labs.
In a court filing dated January 7th, the chief counsel representing the acting U.S. Attorney stated that investigators anticipate discovering extensive amounts of data, potentially several terabytes, pertinent to their case against Kwon. This discovery process will involve search warrants for various accounts and devices associated with Kwon, including his business and personal emails, Twitter account, and four electronic devices.
In the aftermath of the Terra ecosystem’s fall in 2022, Kwon was frequently posting on Twitter (now known as X). His final tweet was published just before his 2023 arrest in Montenegro. Prosecutors stated their intention to examine his social media content, along with his trading records and other relevant documents from cryptocurrency exchanges, during the discovery process.
As a crypto investor, I’ve been closely following the developments regarding Kwon, the co-founder of Terraform Labs. On December 31, Montenegrin authorities extradited him to U.S. officials after a long-standing legal battle between the U.S. and South Korea over his case. Now, he stands accused of nine felony charges in the United States for alleged fraud related to Terra. This is a significant turn of events in the crypto world that I’m keeping an eye on.
Parallels with the prosecution of Sam Bankman-Fried
Originally, Kwon was accused of eight charges in March 2023. Later on, in 2024, US prosecutors secretly submitted an enhanced indictment against the co-founder of Terraform, adding an additional charge – money laundering conspiracy.
In a manner reminiscent of Samuel “SBF” Bankman-Fried, the previous CEO of FTX, who was transported from the Bahamas to answer charges in an updated indictment within the United States in 2022, this crypto matter bears a striking resemblance.
Lawyers for Bankman-Fried successfully argued that a campaign finance charge in an updated indictment against him should be dismissed because it was not part of the initial extradition request. Similarly, prosecutors in Kwon’s case appear to have foreseen potential issues with the money laundering charge not mentioned in his extradition process.
According to the statement made on January 7th, the Government plans to request an exemption from Montenegro regarding the rule of specialty in relation to the money laundering charge they are facing.
“Regardless of whether Kwon is tried on Count Nine, the Government anticipates that its proof at trial will remain unchanged, given that the evidence of Kwon’s participation in a conspiracy to launder the proceeds of his crimes also constitutes direct evidence of the other counts.”
In the year 2023, Bankman-Fried was declared guilty on seven criminal charges and subsequently received a sentence of 25 years imprisonment. If found guilty, Kwon may be facing time in jail for an extended period.
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2025-01-08 19:39