Crypto Founder Sentenced for $40B Fraud
Update: 2025-12-12
Description
Former cryptocurrency entrepreneur, Do Kwon, co-founder of Terraform Labs, sentenced to 15 years for epic fraud involving TerraUSD and Luna collapses, causing $40 billion in losses. Kwon, a South Korean national, developed digital coins through Singapore-based company, facing charges in US following 2022 crypto slump. Judge Engelmayer emphasized massive scale of fraud, Kwon pleaded guilty to conspiracy to defraud and wire fraud, expressing remorse. Prosecutors presented evidence of Kwons secret arrangement to artificially inflate coins price, deceiving investors. Sentencing marks significant moment in regulating volatile digital asset world.
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