Do Kwon, a crypto entrepreneur from South Korea, once boasted of building a stablecoin “ecosystem” – free from the tentacles of Wall Street and government regulators. Appearing in a Manhattan courtroom, wrists and ankles chained, in a bright yellow prison jumpsuit, was not part of the plan.
Nonetheless, Kwon might consider he got off lightly. Having pleaded guilty to two criminal counts of fraud related to the $40 billion collapse of digital coins Luna and TerraUSD in 2022, he may get just 12 years in jail as part of his plea deal, notes the BBC. That sound you hear in the background is Sam Bankman-Fried – the former FTX supremo, locked up for 25 years for a much smaller fraud, rattling the bars of his cage.
It’s hard to…
