Do Kwon pleads guilty: Prosecution recommends imprisonment of no more than 12 years
2025-08-13 08:33:42
On August 13, Do Kwon pleaded guilty to two counts of fraud in New York federal court on Tuesday. The 33-year-old co-founder of Terraform Labs' TerraUSD and LUNA tokens crashed in 2022, causing about $40 billion in losses. Despite the legal maximum sentence of 25 years, prosecutors agreed to recommend no more than 12 years in prison if he pleads guilty. The presiding judge will issue a sentencing verdict on December 11. The case is one of a series of major cases during the crypto winter of 2022, when several digital asset companies went bankrupt.
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