Do Kwon requests 5-year prison term cap in $40 billion Terra fraud case
Do Kwon's lawyers asked a U.S. court to limit his sentence to five years for the Terra-Luna fraud case.Summary
Terraform Labs founder Do Kwon, following his guilty plea in a fraud case related to the $40 billion collapse of Terra-Luna, has requested that the U.S. District Court for the Southern District of New York cap his prison sentence at five years. His legal team argued in a 23-page letter that while the government sought no more than 12 years, a five-year term would be sufficient given the totality of circumstances. Kwon pleaded guilty in August to two fraud counts stemming from the May 2022 crash, which his defense partly attributed to third-party exploitation of vulnerabilities and his own regret over misleading investors about risks, including a secret agreement with Jump Trading. The filing also cited Kwon's nearly two years of detention in Montenegro, including solitary confinement, leading up to his extradition to the U.S. Kwon still faces a potential 40-year sentence in South Korea for the same indictment, and his sentencing in the U.S. is scheduled for December 11.
(Source：The Block)