"The US district judge Paul Engelmayer called his crimes a fraud of epic generational scale. The judge imposed a longer sentence than the 12 years sought by prosecutors, saying it would be too lenient given the harm he had caused to victims. In the history of federal prosecutions very few cases have caused more monetary harm than you did, he said."
"I don't argue nor will I ever argue that my conduct was industry standard and market practice, Kwon said. If they were, they were bad industry standards and market practices and I as one of the market leaders should be personally responsible. The blame should be pointed at me for everyone's suffering. 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 pleaded guilty to US conspiracy to defraud and wire fraud charges and was sentenced to 15 years in prison for his role in Terraform Labs. He co-founded Terraform Labs and developed the TerraUSD stablecoin and Luna token, whose collapse wiped out roughly $40 billion and triggered a major crypto market crash. The judge described the crimes as an "epic generational" fraud and imposed a longer sentence than prosecutors sought. Prosecutors said the fraud contributed to the 2022 crypto winter and affected other failures in the sector. Kwon conceded responsibility, agreed to forfeit $19.3m and properties, and was extradited from Montenegro after using a fake passport.
Read at www.theguardian.com
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