A hundred years in prison? The "big scammer in the currency circle" is the most ruthless "post-90s" man. Quan Daoheng will be extradited to the United States and faces 100 years in prison (1) (from CoinsRadar.net):

[Global Times Comprehensive Report] According to reports from Yonhap News Agency and other media on the 22nd, Kwon Do-hyung, the central figure in the collapse of virtual currencies Terra and Luna, will be extradited to the United States and faces 100 years in prison.

According to reports, the High Court of Podgorica in the Republic of Montenegro issued a ruling on the 21st local time, announcing that Kwon Dohyung would be extradited to the United States for crimes committed in the financial field. The court also rejected South Korea’s extradition request. On March 23, 2023 On the same day, Kwon Do-hyung was arrested at Podgorica Airport in Montenegro for using a forged passport. South Korea, the United States, and Singapore immediately launched an extradition battle.

32-year-old Quan Daoheng co-founded Terraform Labs in 2018, launched the virtual currencies Terra and Luna, and raised hundreds of millions of dollars in funds. However, in 2022, Luna's currency value plummeted by more than 99%, causing huge losses to investors in many countries around the world.

Yonhap News Agency stated that the U.S. Securities and Exchange Commission previously determined that Quan Daoheng and Terraform Labs organized a multi-billion-dollar crypto asset securities fraud and filed a lawsuit against them. The case will be heard in Manhattan, USA on March 25.

"After being extradited to the United States, Kwon Do-hyung may be subject to a harsh sentence." Yonhap News Agency reported that in South Korea, the maximum sentence for economic crimes is about 40 years, but the United States adopts a "double penalty system" to accumulate the sentences for each crime. . "The Korea Times" stated that Fried, the founder of the virtual currency exchange FTX, was previously indicted by the U.S. Federal Court and is expected to be sentenced to up to 110 years in prison, and Kwon Do-hyung may face 100 years in prison.

According to a report by "Korea Economic News" on the 21st, the Seoul Southern District Prosecutor's Office arrested and prosecuted Han Changjun, the former chief financial officer of Terraform Labs, who had been extradited to South Korea. Prosecutors believe that Han Changjun obtained at least 53.6 billion won (approximately 290 million yuan) in illegal income by deceiving investors.

According to reports from the Global Times citing Yonhap News Agency and other media, recently, Quan Daoheng, the central figure in the collapse of the virtual currency Terra and LUNA, will be extradited to the United States and faces 100 years in prison. Quan Daoheng can be called the most ruthless post-90s generation. The previously created cryptocurrencies TerraUSD and LUNA collapsed in May 2022, causing global investors to lose approximately US$40 billion (nearly 300 billion yuan) and suspected of financial fraud.

According to reports, the High Court of Podgorica in Montenegro issued a ruling announcing that Kwon Do-hyung will be extradited to the United States for crimes committed in the financial field. The court also rejected South Korea's extradition request. On March 23, 2023, Kwon Do-hyung was arrested at Podgorica Airport in Montenegro for using a forged passport. South Korea, the United States, and Singapore immediately launched an extradition battle.

Last month, a U.S. federal judge delayed the trial so that Kwon could be extradited so he could appear in court. The trial date has been postponed from January 29 to March 25, and it will not be postponed further even if Kwon Do-hyung is not extradited.

financial fraud

According to The Paper, on February 21, local time, a court in Montenegro, a small country in the Balkan Peninsula, ruled that Do Kwon, a cryptocurrency entrepreneur, main developer of LUNA currency, and co-founder of blockchain platform Terraform Labs, should be extradited to The United States, not South Korea, is on trial on multiple civil and criminal fraud charges.

A spokesman for the High Court in Podgorica, the capital of Montenegro, said Kwon Dohyung's lawyers have three days to appeal the ruling, and the Court of Appeal will make a final ruling. According to media reports, Kwon Do-hyung's defense attorney will seek an appeal to avoid Kwon Do-hyung's extradition to the United States.

Last month, a U.S. federal judge delayed the trial so that Kwon could be extradited so he could appear in court. The trial date has been postponed from January 29 to March 25, and it will not be postponed further even if Kwon Do-hyung is not extradited.

The cryptocurrencies TerraUSD and LUNA founded by Quan Daoheng collapsed in May 2022, causing global investors to lose approximately US$40 billion, suspected of financial fraud. In May 2022, members of the South Korean Congress have summoned Kwon Dohyung to attend a congressional hearing and testify about the collapse of TerraUSD (UST).

On September 14, 2022, the Seoul District Court issued an arrest warrant for Kwon Dohyung and five other people. It is reported that the arrest warrant is related to violation of capital market rules. On September 19, 2022, the District Prosecutor's Office of the Southern District of Seoul, South Korea applied for a red notice from Interpol to assist in the hunt for Kwon Do-hyung. On September 29 of that year, Terraform Labs, the company behind the collapsed cryptocurrencies TerraUSD and LUNA, accused South Korean prosecutors of exceeding their authority.​

At that time, 31-year-old Quan Daoheng said in an interview with new media Coinage in Singapore that the collapse of TerraUSD was cruel."I think in terms of healing the trauma, all I can do is be okay with what happened. You know, just admit that I was wrong," he said.

On February 17, 2023, the Financial Times reported that the SEC sued Terraform Labs and its CEO Quan Daoheng, accusing them of orchestrating a multi-billion dollar cryptocurrency fraud. On March 23, 2023 local time, Quan Daoheng was arrested in Montenegro and charged with fraud by U.S. prosecutors. According to Bloomberg news on March 26, Quan Daoheng’s lawyer stated that Quan Daoheng denied the accusation of trying to leave Montenegro with a fake passport.

On April 21, 2023, the Podgorica Court in Montenegro stated on its website that it approved the extension of the detention period of Kwon Do-hyung and Terraform Labs Chief Financial Officer Han Chang-joon on the grounds of the risk of jumping bail and absconding.