🚔Do Kwon sentenced to 15 years in prison in New York court for Terra-Luna collapse case

Terraform Labs founder Do Kwon was sentenced to 15 years in prison on Thursday in a New York court, related to fraud charges connected to the collapse of the $40 billion Terra-Luna ecosystem.

U.S. District Court Judge Paul Engelmayer stated that Kwon "chose to lie" and "made the wrong choice." Kwon was criminally indicted in March 2023 on charges including conspiracy to commit fraud, commodities fraud, telemarketing fraud, securities fraud, conspiracy to commit fraud, and conspiracy to commit market manipulation and money laundering. He later pleaded guilty in August 2024 to charges of telecommunication fraud and conspiracy to commit fraud.

Without a plea agreement, Kwon could face up to 135 years in prison if convicted on all nine counts. After pleading guilty to two charges, his maximum sentence was reduced to 25 years. Prosecutors also sought a fine of $19 million.