Do Kwon, the co-founder of Terraform Labs and the creator of the collapsed TerraUSD and $LUNA cryptocurrencies, has been sentenced to 15 years in U.S. federal prison in New York.
The judge called the offense "a fraud on an epic, generational scale." Kwon pleaded guilty to fraud charges stemming from the $40 billion collapse of his crypto ecosystem in 2022.
The court emphasized that the financial losses were real and devastated countless victims who relied on his misleading claims about the stability of the stablecoin.
The sentencing follows his extradition from Montenegro, where he was arrested after fleeing. Kwon, who also faces charges in South Korea, has agreed to forfeit over $19 million as part of his plea deal.
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