A court issued a 15-year prison sentence on Thursday for Do Kwon, the South Korean entrepreneur in the cryptocurrency sector, due to his responsibility for two digital operations that lost an estimated $40 billion in 2022, which the judge described as "legendary fraud".
Kwon (34 years old) - who co-founded Singapore-based TerraForm Labs and developed the "Terra USD" and "Luna" tokens, had previously pleaded guilty and admitted to misleading investors about a currency that was supposed to maintain a stable price during periods of cryptocurrency market volatility.
Kwon is one of the cryptocurrency moguls facing federal charges after the decline in cryptocurrency prices in 2022 led to the collapse of several companies.
Kwon addressed the court while wearing a yellow prison uniform, and apologized to his victims, including hundreds who sent letters to the court describing the harm they suffered.
Kwon said, "All their stories were horrifying, and it reminded me once again of the huge losses I caused. I want to say to them that I am sorry".
Kwon was accused of misleading investors in 2021 about the "Terra USD" currency, which is dubbed a stablecoin and designed to maintain a value of one dollar...
My opinion: Bravo and an excellent step towards stopping manipulation, and this is the first step towards the adoption and regulation of cryptocurrencies, as well as a warning to those who attempt to issue fake currencies..
#grt #Near #turbo #PEPE