Terra Luna

Do Kwon was sentenced to 15 years in prison

Finally, there was a verdict in the case of one of the most notorious crypto fraudsters — the creator of Terra LUNA, a token that "went to the moon" and then fell just as quickly, dragging the entire market down and effectively burying the concept of algorithmic stablecoins.

Do Kwon's idea seemed "genius": to create a stablecoin UST, which was backed not by real dollars, but by its own token LUNA. Investors in UST were promised 20% annual returns, which only fueled demand and drove up the price of LUNA. Ultimately, the "bubble" grew to an incredible 18 billion UST — and then it burst very loudly.

Kwon attempted to flee and was arrested in Montenegro with fake documents. The struggle for his extradition lasted two years — between the USA and South Korea. In the end, the American side won.

Kwon asked for 5 years, prosecutors demanded 12, but the judge seemed to have also been "burned" by LUNA, as he sentenced him to the maximum of 15 years 👌

Thus ended the story of one of the largest crashes in the world of cryptocurrencies.