Montenegrin police officers escort South Korean citizen, Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica, March 23, 2024.
| Photo Credit: AP
Cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison for misleading investors who lost billions when his company’s crypto ecosystem collapsed in 2022.
Kwon’s sentencing by a federal judge in New York City comes after he pleaded guilty in August to fraud charges stemming from Terraform Labs’ USD 40 billion cryptocurrency crash.
The company had touted its TerraUSD as a reliable “stablecoin”, a kind of currency typically pegged to stable assets to prevent drastic fluctuations in prices. But prosecutors say it was all an illusion that came crumbling down, devastating investors and triggering “a cascade of crises that swept through cryptocurrency markets.” Kwon previously agreed to forfeit over USD 19 million, which authorities said reflected ill-gotten proceeds, as part of the plea deal. (AP) RUK RUK
Published – December 12, 2025 04:20 am IST
