Terraform Labs founder Do Kwon will be sentenced in New York today

TechFlow news, December 11 — According to Decrypt, Terraform Labs founder Do Kwon will be sentenced on December 11 at a Manhattan court. The 33-year-old South Korean entrepreneur pleaded guilty in August this year to charges including commodities fraud, securities fraud, and wire fraud. In 2022, the TerraLUNA/UST ecosystem created by Do Kwon collapsed, causing investor losses of up to $40 billion and severely impacting the entire cryptocurrency market. Prosecutors have recommended a 12-year prison sentence, while the defense has requested a term of no more than five years. Do Kwon had been fugitive across multiple countries and was arrested in Montenegro in March 2023 before being extradited to the U.S. in December 2024. As part of his plea agreement, he will also forfeit $19.3 million and some assets, and may face further charges in South Korea.