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US PROSECUTORS RECOMMEND 12-YEAR PRISON SENTENCE FOR DO KWON
🔸 US prosecutors have recommended a 12-year prison sentence for Do Kwon, founder of Terraform Labs, after he admitted to defrauding investors.
🔸 They argue that the Terra Luna collapse caused even greater losses than FTX, Celsius, and OneCoin combined.
🔸 Kwon's lawyers requested a 5-year sentence, but US authorities stated that the scale of the fraud was so large that a harsher sentence is needed to deter similar cases.
🔸 Prosecutors said Kwon lied about Terraform's technology, fled after the project collapsed, and tried to evade extradition.
🔸 The algorithmic stablecoin UST and LUNA token once had a total value of over $50 billion but collapsed because the project relied on secret trading agreements and misleading data.
🔸 Do Kwon's sentencing hearing will be held on December 11 at the Manhattan federal court in New York.
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