The Terraform Labs co-founder could face up to 40 years in prison in South Korea, but a judge questioned whether the country would ignore his US sentence. With Do Kwon scheduled to be sentenced on Thursday after pleading guilty to two felony counts, a US federal judge is asking prosecutors and defense attorneys about the Terraform Labs co-founder’s legal troubles in his native country, South Korea, and Montenegro. In a Monday filing in the US District Court for the Southern District of New York, Judge Paul Engelmayer asked Kwon’s lawyers and attorneys representing the US government about the charges and “maximum and minimum sentences” the Terraform co-founder could face in South Korea, where he is expected to be extradited after potentially serving prison time in the United States. Kwon pleaded guilty to two counts of wire fraud and conspiracy to defraud in August and is scheduled to be sentenced by Engelmayer on Thursday. Read more
The USDT-powered network launches with support from Bitfinex, Hack VC, Tether executives and other investors following a $28 million seed round. Tether-backed Stable protocol has launched its USDT-powered blockchain, StableChain, alongside a new governance foundation and a native token. According to the protocol, the new layer-1 network is designed for stablecoin transactions and relies on Tether’s USDt (USDT) for gas fees payments, removing the need for volatile assets to process payments. Alongside the mainnet debut, Stable introduced the Stable Foundation and the STABLE governance token on Monday, separating network security from payment flows settled in USDT. Read more