As per Coindesk, Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison for his role in a $50 billion fraud that triggered the 2022 crypto collapse. The sentence, handed down by a U.S. Southern District judge, exceeds the 12-year request by prosecutors and is significantly higher than the five-year recommendation from Kwon’s defense. Kwon must serve at least half of the sentence before being eligible for transfer to South Korea, where he faces additional charges. Kwon pleaded guilty to two counts of fraud in August, leading to a reduced sentence from the original nine-count indictment. The judge raised concerns about Kwon’s potential early release in South Korea and sought clarification on his extradition and prison credit for time served in Montenegrin custody.
Terraform's Do Kwon Sentenced to 15 Years in Prison for $50B Crypto Fraud
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Summary
Terraform co-founder Do Kwon was sentenced to 15 years in a U.S. court for his role in a $50B **crypto** fraud that caused a 2022 market crash. The judge exceeded prosecutors’ 12-year request and Kwon’s defense recommendation of five years. Kwon pleaded guilty to two fraud counts in August, reducing his case from nine charges. He must serve at least half the sentence before a potential extradition to South Korea, where he also faces charges. The judge questioned the risk of early release there and sought updates on his custody time in Montenegro. **What is** now unclear is how long Kwon will ultimately serve before moving to South Korea.
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