The Downfall of a Cryptocurrency King: Do Kwon's Fall from Grace

Do Kwon, a former cryptocurrency mogul, has been sentenced to 15 years in prison for a $40 billion fraud involving his crypto ecosystem. The scheme devastated investors, prompting some to consider suicide. Kwon apologized but faced criticism for his 'almost mystical hold' over investors and the widespread fallout.

In a dramatic fall from grace, former cryptocurrency mogul Do Kwon was handed a 15-year prison sentence. His downfall followed the exposure of a $40 billion fraud intertwined with his crypto ventures.

The victims of Do Kwon's scheme, dubbed by many as the 'cryptocurrency king', spoke out in court and through letters, detailing personal tragedies and financial ruin.

The oscillation of TerraUSD, branded as a 'stablecoin', caused significant chaos in the cryptocurrency market. Prosecutors claimed Kwon's actions were marked by manipulation and deception, ultimately culminating in a financial catastrophe.

(With inputs from agencies.)