Do Kwon, co-founder of cryptocurrency firm Terraform Labs, was sentenced Thursday to 15 years in U.S. federal prison for cryptocurrency fraud, which U.S. District Judge Paul A. Engelmayer described as being on «an epic, generational scale.» After Terraform Labs’ ecosystem collapsed, investors reported $40 billion in losses, according to the Associated Press.
Even though Kwon attempted to rebuild the company, he ultimately fled using a false passport, according to prosecutors. In March 2023, he was extradited to the U.S. following his arrest in Montenegro.
Kwon, 34, pleaded guilty in August to fraud charges stemming from the 2022 collapse of...