This article briefly:

A South Korean prosecutor said most of Terra’s case evidence and accomplices were in South Korea.

If convicted, Do Kwon faces more than 40 years in prison.

The United States and South Korea are arguing over where Do Kwon should be extradited to face charges.

As Terra co-founder Do Kwon faces criminal charges in multiple countries, South Korean prosecutors believe prosecuting him in the country is the best way to ensure justice for the victims.

In an interview with The Wall Street Journal, Dan Sung-Han, the lead prosecutor in the case, explained that he believed investors would likely receive justice if the case was prosecuted in the Asian country.

Most of the evidence is in South Korea

According to prosecutors based in South Korea, most of the evidence and Do Kwon’s main associates are linked to Terraform Labs. In addition, prosecutors noted that most of the crimes took place in South Korea.

He added: “We have collected a large amount of evidence related to the TerraUSD case, most of which is information that is not easily available in the United States.” Dan also said that US regulators are willing to cooperate with agencies in Asian countries.

The report comes amid a potential extradition battle between the United States and South Korea, which have filed criminal charges against the crypto entrepreneur for his role in the collapse of the Terra UST stablecoin.

Terra's Kwon faces more than 40 years in prison

Dan said that if Kwon is convicted, he could receive the longest prison sentence for financial crimes. This means that the Terra founder could receive a higher sentence than the 40 years in prison received by the perpetrators of the 2022 Optimus Asset Management fraud.

Meanwhile, South Korean prosecutors indicted seven people on multiple charges, including violations of capital market laws and fraud. Prosecutors indicted Terraform Labs co-founder Daniel Shin and other executives.

Kwon stayed in Montenegro

Kwon is currently detained in Montenegro, where he faces charges of traveling with false documents, but if South Korea is able to extradite him, he will face the exact charges.

But any extradition proceedings would have to wait until Montenegrin authorities complete their trial, a process whose duration remains uncertain given the possibility that Do Kwon could appeal.

Meanwhile, experts believe South Korea could win Kwon’s extradition as it is a party to an extradition treaty that Montenegro has also signed.