Crypto Mogul Do Kwon Sentenced to 15 Years

Do Kwon, a prominent figure in the cryptocurrency world, was sentenced to 15 years in prison for misleading investors in a major crypto crash in 2022. Kwon pleaded guilty to fraud charges associated with Terraform Labs' collapse, impacting markets globally.

Cryptocurrency leader Do Kwon has been sentenced to 15 years in prison by a federal judge in New York City. His conviction follows a guilty plea on fraud charges linked to Terraform Labs' USD 40 billion cryptocurrency implosion in 2022.

Kwon's company had promoted TerraUSD as a 'stablecoin', intended to maintain a stable value. However, U.S. prosecutors revealed that it was merely a façade, which collapsed dramatically, impacting numerous investors and destabilizing cryptocurrency markets worldwide.

As part of his plea agreement, Kwon consented to forfeit over USD 19 million. Authorities stated this amount was derived from illegal gains.