Do Kwon, founder of TerraUSD and Luna, was on Thursday (Dec 11) sentenced to 15 years in a US federal prison over the US$40 billion collapse of his cryptocurrencies. The 34-year-old co-founder of Singapore-based Terraform Labs, which developed the cryptocurrencies, will also pay an US$80 million civil penalty and still faces charges in South Korea. #usnews #usa #sgnews #singapore | CNA

Do Kwon — the South Korean crypto entrepreneur behind the $40 billion collapse of TerraUSD and LUNA — has pleaded guilty in a New York court to conspiracy to defraud and wire fraud. The Terraform Labs co-founder admitted to misleading investors during the 2021 crash of his so-called ‘stablecoin,’ concealing a trading firm’s secret intervention to restore its $1 peg. Prosecutors said the scheme fuelled massive investor losses and drove Luna’s value to $50 billion before its collapse in 2022. Kwon