Terraform co-founder sentenced to 15 years in prison after guilty plea

Do Kwon, the co-founder of Terraform Labs, was sentenced by US District Judge Paul Engelmayer to 15 years in prison after pleading guilty to wire fraud and conspiracy charges related to the 2022 collapse of Terraform, which cost the crypto market approximately $40 billion. The judge stated the sentence would have been higher without the guilty plea, emphasizing that Kwon traded on trust and committed unusually serious fraud by publicly lying to the market for four years. Kwon will receive credit for time served and may be extradited to South Korea after serving seven and a half years to potentially serve the remainder of his sentence there, where he faces up to an additional 40 years. Several victims addressed the court during the sentencing, detailing devastating financial losses, including one who became homeless after investing $81,000.

(Source：Cointelegraph)