Terraform's Do Kwon Sentenced to 15 Years in Prison for Fraud

Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison by a New York District Judge for his role in a massive fraud that caused approximately $50 billion to be wiped from the crypto ecosystem in May 2022. The sentence is harsher than the 12 years sought by prosecutors but less than the maximum possible. Kwon had previously pleaded guilty in August to conspiracy and wire fraud charges related to the TerraUSD (UST) stablecoin scheme. The collapse of Terra was the first major event in the 2022 crypto downturn. The judge considered victim testimony during the sentencing hearing and questioned both sides regarding potential transfer back to South Korea, where Kwon faces additional charges, and credit for time served in Montenegrin custody.

(Source：CoinDesk)