Do Kwon may still face a second trial in South Korea after being sentenced to 15 years in the US
Jinse Finance reported, citing Cryptonews, that Terraform Labs co-founder Do Kwon, after being sentenced to 15 years in prison by a U.S. federal court in Manhattan for orchestrating the $40 billion TerraUSD collapse, may still face a second trial in South Korea. According to reports, South Korean prosecutors are seeking a sentence of more than 30 years for Do Kwon on charges of violating capital market laws. The 34-year-old South Korean national may apply for transfer to South Korea after serving half of his sentence. Approximately 200,000 South Korean investors suffered losses of about 300 billion won ($204 million) as a result. U.S. District Judge Paul Engelmayer stated during sentencing last week: "In the history of federal prosecutions, few fraud cases have caused such severe damage." Do Kwon has admitted to deliberately participating in a scheme to defraud Terraform Labs cryptocurrency purchasers between 2018 and 2022, which led to the collapse of the TerraUSD stablecoin and Luna token in May 2022, triggering a chain reaction in the cryptocurrency market.
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