Do Kwon, the founder and former CEO of Terraform Labs, has been sentenced to fifteen years in jail for his position within the roughly $100 billion collapse in valuation of the Terra/Luna system, in response to updates from Matthew Russell of Internal Metropolis Press.
The 34-year-old pleaded responsible in August to wire fraud and conspiracy to defraud after the US charged him in 2023.
Final week, Kwon’s attorneys requested a five-year sentence, arguing that the 12 years requested by prosecutors was “far greater than necessary” to realize justice.
Nonetheless, US prosecutors disagreed, claiming that 5 years was “utterly insufficient,” and accused Kwon of “underselling the gravity of his crimes.”
The choose moreover famous that he believed a extra extreme sentence than what the prosecutors had been requesting was crucial, selecting the 15-year sentence that was handed down.
Kwon’s crew additionally famous that he nonetheless faces one other trial in South Korea, which carries a possible 40-year jail sentence, and identified that he’s already served three years “with more than half that time in brutal conditions in Montenegro.”
He additionally agreed to a $19 million forfeiture.
These embody Sam Bankman-Fried, who was handed 25 years for FTX-related fraud, conspiracy, and cash laundering, and Alex Mashinsky, who was given 12 years for fraud referring to the manipulation of Celsius’s token.
Former Binance CEO Changpeng Zhao was sentenced to a extra manageable 4 months final yr for crimes associated to violations of the Financial institution Secrecy Act.
One of many updates from Russell famous that Kwon will obtain credit score for time served, each in america and earlier than his extradition. Moreover, he shall be extradited to South Korea for the again half of his sentence.
