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Do Kwon Pleads Guilty: Prosecutors Recommend Up to 12 Years in Prison
Summary: In a surprising turn of events, Do Kwon admitted to two counts of fraud in a New York federal court on Tuesday. The 33-year-old co-founder of Terraform Labs, developer of TerraUSD and LUNA tokens, which collapsed in 2022 causing around $40 billion in losses. Despite facing a maximum sentence of 25 years, prosecutors have agreed ...
In a surprising turn of events, Do Kwon admitted to two counts of fraud in a New York federal court on Tuesday. The 33-year-old co-founder of Terraform Labs, developer of TerraUSD and LUNA tokens, which collapsed in 2022 causing around $40 billion in losses. Despite facing a maximum sentence of 25 years, prosecutors have agreed to recommend a prison term of no more than 12 years if he pleads guilty and shows remorse. The sentencing hearing is scheduled for December 11th. This case is one of the key incidents during the cryptocurrency winter of 2022, when several digital asset companies went bankrupt.
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Link: Do Kwon Pleads Guilty: Prosecutors Recommend Up to 12 Years in Prison [Copy]
