Terraform Labs founder Do Kwon sentenced to 15 years in prison by U.S. judge
ChainCatcher news, according to The Block, Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for his role in the Terra-Luna token collapse. In 2022, the collapse wiped out $40 billion. Do Kwon was sentenced on Thursday in the Southern District of New York, with the prison term exceeding what prosecutors had previously requested.
Prosecutors pointed out that, given Do Kwon's previous misconduct and the massive scale of the fraud, he should be sentenced to 12 years in prison; Do Kwon's lawyers, on the other hand, argued for only 5 years. U.S. District Judge Paul Engelmayer said Do Kwon "chose to lie" and "made the wrong choices." In March 2023, Do Kwon was criminally charged with conspiracy to commit fraud, commodities fraud, wire fraud, securities fraud, conspiracy to commit fraud, as well as conspiracy to commit market manipulation and money laundering. In August of the same year, Do Kwon subsequently pleaded guilty to wire fraud and conspiracy to commit fraud. Do Kwon may also face further legal challenges in South Korea, and he must serve at least half of his sentence before he can apply to serve the remainder in South Korea. It is also reported that the 17 months he served in a Montenegro prison will be counted toward his sentence.
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