Crypto mogul Do Kwon to be sentenced for 2022 crypto collapse
Cryptocurrency mogul Do Kwon is set to be sentenced on Thursday for deceiving investors who lost billions when his company’s crypto ecosystem collapsed in 2022.
Kwon, sometimes referred to as “the cryptocurrency king,” pleaded guilty in August in Manhattan federal court to fraud charges linked to the $40 billion downfall of Terraform Labs, News.Az reports, citing AP.
The company had promoted its TerraUSD token as a dependable “stablecoin,” a type of digital currency meant to maintain steady value by being tied to stable assets. Prosecutors, however, say this stability was an illusion that ultimately unraveled, devastating investors and triggering “a cascade of crises that swept…
