Outside Source
A federal judge heard statements from some of Terraform Labs’ and Do Kwon’s victims for hours before deciding on the co-founder’s sentence.
Breaking news
Do Kwon, the co-founder of Terraform Labs, has been sentenced to 15 years in prison after pleading guilty to wire fraud and conspiracy to defraud.
In a Thursday hearing in the US District Court for the Southern District of New York, Judge Paul Engelmayer ordered that Kwon serve 15 years in prison for his role in the collapse of Terraform, which wiped out about $40 billion from the crypto market in 2022. He will receive credit for time served in the US and 17 months of pre-extradition custody.
Prior to making his decision on sentencing, Engelmayer heard from some of Terraform’s victims and questioned what kind of justice Kwon might face in his native South Korea, where authorities are also building a case against him.
“I would like everyone to know that I have spent all my time thinking what I could have done, and what I can do,” said Kwon prior to his sentencing, according to Inner City Press. “It’s been four years since the crash, three years since I’ve seen my family. I’d like to [do] my penance in my home country.”
This article first appeared at Cointelegraph.com News
