CoinVoice has learned that, according to Cryptonews, Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison by a federal court in Manhattan, USA, for orchestrating the $40 billion TerraUSD collapse, and may still face a second trial in South Korea.
Reports indicate that South Korean prosecutors are seeking to impose a sentence of over 30 years on Do Kwon for violating capital markets laws. The 34-year-old South Korean national can apply to be transferred to South Korea after serving half of his sentence, resulting in approximately 200,000 South Korean investors losing around 300 billion won ($204 million).
U.S. District Judge Paul Engelmayer stated last week during sentencing: "In the history of federal prosecutions, few fraud cases have caused such severe damage." Do Kwon has admitted to deliberately participating in a scheme to defraud cryptocurrency buyers of Terraform Labs from 2018 to 2022, leading to the collapse of the TerraUSD stablecoin and Luna token in May 2022, triggering a chain reaction in the cryptocurrency market. [Original link]
