Do Kwon gets 15 years for $40 billion Terraform fraud
Story by Bob Van Voris and Chris Dolmetsch • 17h
(Bloomberg) -- Terraform Labs Pte. co-founder and onetime fugitive Do Kwon was sentenced to 15 years in prison for the fraud that led to the company’s $40 billion collapse in 2022 and triggered a series of cascading crises in the cryptocurrency world.
Kwon, 34, was sentenced at a hearing Thursday in New York by US District Judge Paul Engelmayer, who called his crimes “a fraud of epic generational scale.” The decision caps a long fight by the US to prosecute the crypto entrepreneur and extradite him from Montenegro, where he was imprisoned for using a fake passport. He still faces fraud charges in his native South Korea.
The prison term for Kwon comes at a time when the Trump administration has weakened enforcement in crypto markets. On Oct. 23, President Donald Trump pardoned Binance founder Changpeng Zhao, who was convicted of failing to maintain an effective anti-money laundering program at the world’s largest cryptocurrency exchange.
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