Do Kwon's sentencing hearing is underway in Manhattan federal court, with prosecutors pushing for a 12-year prison sentence and $19 million in forfeiture for his role in the $40 billion UST/Terra crash. The defense is arguing for a maximum 5-year sentence, citing "hubris, not greed" and requesting credit for the 17 months Kwon has already served in Montenegro.
The market is reacting to the news, with $LUNA up 40% and $LUNC up 20%, indicating an 85% bullish sentiment. The outcome of the hearing could significantly impact the price of LUNA, with a light sentence potentially leading to a relief rally and a heavy sentence causing an initial dip followed by a rebound. ³
Possible Outcomes:
- *9-12 years*: Prosecutors' recommended sentence, reflecting the scale of losses
- *7-9 years*: Middle ground, accounting for time served
- *5 years or less*: Defense's requested sentence, citing cooperation and time already served
The judge, Paul Engelmayer, has raised questions about Kwon's potential extradition to South Korea, where he faces additional charges, and the possibility of concurrent or consecutive sentencing.
Want to know more about the potential impact of the sentencing on the crypto market or Do Kwon's case?
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