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Do Kwon, the founder of Terraform Labs, requested a U.S. court to impose a prison sentence of no more than five years.
On November 27, according to Bloomberg, Do Kwon, co-founder of Terraform Labs, requested a U.S. court to impose a sentence of 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, admitting to conspiracy and wire fraud, avoiding trial. He was extradited to the United States after being arrested in Montenegro for using a forged passport, having been a wanted person by South Korean authorities.
According to previous reports from Reuters: Terra founder Do Kwon has pleaded guilty in the case of the $40 billion cryptocurrency collapse, and sentencing will be announced on December 11.