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Terra founder Do Kwon claims a 5-year sentence is sufficient
According to Bloomberg reports, Terraform Labs co-founder Do Kwon argues that he should be sentenced to no more than five years in prison in relation to the fraud case stemming from the collapse of the TerraUSD stablecoin in 2022, which led to a loss of $40 billion.
Kwon admitted to conspiracy and wire fraud in August, avoiding the scheduled trial. He was previously wanted by Interpol and was arrested and convicted for using a fake passport while fleeing to Montenegro, and was subsequently extradited to the United States.
Kwon's lawyer noted in a sentencing recommendation submitted on Wednesday evening that, although prosecutors agreed in his plea deal not to seek a sentence longer than 12 years, the defense believes such a sentence is still "far beyond what is necessary to achieve justice."
Kwon admitted to conspiracy and wire fraud in August, avoiding the scheduled trial. He was previously wanted by Interpol and was arrested and convicted for using a fake passport while fleeing to Montenegro, and was subsequently extradited to the United States.
Kwon's lawyer noted in a sentencing recommendation submitted on Wednesday evening that, although prosecutors agreed in his plea deal not to seek a sentence longer than 12 years, the defense believes such a sentence is still "far beyond what is necessary to achieve justice."
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