According to Jinse Finance, Do Kwon, founder of Terraform Labs, has been sentenced to 15 years in prison by the Southern District of New York for the 2022 Terra-Luna crash, which wiped out $40 billion in assets. This sentence is longer than the 12-year term initially requested by prosecutors. Prosecutors accused Kwon of repeatedly misleading investors and concealing serious flaws in the mechanism between the algorithmic stablecoin TerraUSD and Luna, triggering a chain reaction of collapses in the crypto industry. The judge stated in court that Kwon "chose to lie" and "made the wrong choice."
Do Kwon Sentenced to 15 Years in Prison for $40 Billion Terra-Luna Crash
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Source:KuCoin News
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