Crypto Founder Jailed 15 Years for US$40B Terra-Luna Fraud
A New York judge has sentenced a former crypto entrepreneur to 15 years in prison after he caused two digital currencies to collapse, wiping out an estimated US$40bn, and described the case as an “epic” fraud.
Do Kwon, a South Korean national, co-founded the Singapore-based Terraform Labs, the company behind the TerraUSD and Luna digital coins.
He admitted misleading investors about TerraUSD, a so-called stablecoin designed to maintain parity with the US dollar.
According to the BBC, Kwon was among several crypto executives charged in the US after digital tokens plunged in 2022, triggering the collapse of multiple firms.
US District Judge Paul A Engelmayer…
