TechFlow news, November 27 — According to Bloomberg, Terraform Labs co-founder Do Kwon has requested a U.S. court to impose no more than five years in prison for his role in the $40 billion collapse of the TerraUSD stablecoin in 2022. Kwon previously pleaded guilty in August 2024 to charges of conspiracy and wire fraud, avoiding trial. He was extradited to the United States after being arrested in Montenegro for using a forged passport and had been wanted by South Korean authorities.
Earlier report from Reuters: Terra founder Do Kwon has pleaded guilty in connection with the $40 billion cryptocurrency crash, with sentencing scheduled for December 11.
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