""This was a fraud on an epic, generational scale,""
""In the history of federal prosecutions, there are few frauds that have caused as much harm as you have.""
""I have spent almost every waking moment of the last few years thinking of what I could have done different and what I can do now to make things right,""
Do Kwon co-founded Terraform Labs and helped create the TerraUSD stablecoin and Luna token. The collapse of those digital currencies led to estimated losses of about $40bn. Kwon admitted misleading investors about TerraUSD, which was supposed to maintain a $1 peg. Prosecutors said Kwon falsely claimed an algorithm restored the peg and secretly arranged for a trading firm to buy millions of dollars of the coin to inflate its value. Kwon pleaded guilty to conspiracy to defraud and wire fraud and was sentenced to 15 years in prison. Kwon expressed remorse during sentencing.
Read at www.bbc.com
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