Terraform Labs co-founder Do Kwon could still face a second trial in South Korea after being sentenced to 15 years in prison in Manhattan federal court for orchestrating the 40 billion dollar TerraUSD crash, according to Cryptonews
South Korean prosecutors are reportedly seeking a sentence of more than 30 years for violating capital markets laws against Do Kwon. The 34-year-old can apply for a transfer to South Korea after serving half of his sentence, costing about 200,000 Korean investors about 300 billion won ($204 million).
In his sentencing last week, U.S. District Judge Paul Engelmayer said: "Few fraud cases in the history of federal prosecutions have caused such serious damage." Do Kwon has pleaded guilty to knowingly participating in a scheme to defraud Terraform Labs cryptocurrency purchasers between 2018 and 2022, causing the TerraUSD stablecoin and Luna token to crash in May 2022, triggering a chain reaction in the cryptocurrency market.
After 15 years in prison in the United States, Do Kwon could still face a second trial in South Korea
2025-12-15 09:53:32
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