Kwon | Crypto

Terraform Labs co-founder Do Kwon asked a US court to limit his prison term to five years as he faces a separate case in South Korea. Terraform Labs co-founder Do Kwon asked a US judge to cap his prison time at five years for his role in the collapse of the Terra ecosystem, which erased about $40 billion from crypto markets in 2022. In a court filing on Wednesday, Kwon argued that a longer term would be excessive given the punishment he has already served and the penalties he has agreed to accept, according to Bloomberg. Kwon pleaded guilty in August to two counts of wire fraud and conspiracy to defraud after being extradited from Montenegro, where he had been detained. His lawyers said he had spent almost three years behind bars, “with more than half that time in brutal conditions in Montenegro,” and that he had already paid a heavy personal and financial price. Read more

Months before Terra imploded, Do Kwon attempted to buy a $30 million luxury apartment but never completed the purchase.

Do Kwon pleaded guilty to federal fraud charges in Manhattan court, with his sentencing set for Dec. 11. As Inner City Press reported on Aug. 12, Kwon admitted he orchestrated a cryptocurrency scheme that prosecutors allege caused over $40 billion in losses when LUNA and TerraUSD tokens collapsed in May 2022. His defense entered guilty […] The post Do Kwon pleads guilty on two charges, faces potential 12-year sentence appeared first on CryptoSlate.

The Terraform Labs co-founder was indicted in 2023 on nine charges related to the collapse of the ecosystem, resulting in an estimated $40 billion in losses. Terraform Labs co-founder Do Kwon has changed his plea from not guilty to guilty on two counts of wire fraud and conspiracy to defraud. According to reporting on Tuesday from the US District Court in the Southern District of New York (SDNY), Kwon waived his right to go to trial on two of the nine charges he has been facing from the US government and pleaded guilty. The reported plea agreement with prosecutors would impose $19 million in financial penalties. The two felony charges could carry up to a 25-year prison sentence if served consecutively, but the agreement reportedly would have prosecutors not recommend more than 12 years. Kwon’s sentencing hearing was scheduled for Dec. 11. Read more

Terraform Labs co-founder Do Kwon will plead guilty on Aug. 12 at 10:30 am ET in federal court. As Inner City Press reported, Judge Paul Engelmayer filed a docket order on August 11. The guilty plea represents a shift from Kwon’s previous trial defense strategy in the high-profile crypto fraud case. The change comes months […] The post Terraform Labs co-founder Do Kwon set to plead guilty on August 12 in $40B fraud case appeared first on CryptoSlate.

Do Kwon previously had pleaded "not guilty" to multiple fraud charges earlier this year.

In January, the Terraform Labs co-founder pleaded not guilty to several charges, including securities fraud, market manipulation, money laundering and wire fraud. A federal judge overseeing the case against Do Kwon has scheduled a Tuesday conference at which the Terraform Labs co-founder “may enter a change of plea.” In a Monday filing in the US District Court for the Southern District of New York (SDNY), Judge Paul Engelmayer ordered the parties to appear in court on Tuesday, which could suggest that Kwon was preparing to change his plea for some or all of his charges. The Terraform co-founder initially pleaded not guilty to nine felony counts in January after a monthslong extradition court battle in Montenegro ended with his removal to the United States. Read more

In a Wednesday status conference, the judge overseeing the Terraform Labs co-founder’s case reportedly said he was “mindful of the GENIUS Act.” Terraform Labs co-founder Do Kwon, facing criminal charges in US federal court, could see a change in his indictment based on bills currently moving through the US Congress. According to reporting from Inner City Press, Kwon’s lawyers and prosecutors met for a status conference before Judge Paul Engelmayer in the US District Court for the Southern District of New York on Wednesday. The judge reportedly said he was “mindful of the GENIUS Act,” suggesting that it could impact Kwon’s charges on securities fraud.   The GENIUS Act, or the Guiding and Establishing National Innovation for US Stablecoins, passed the US Senate on June 17, but still faces a possible vote in the House of Representatives before US President Donald Trump decides whether to sign the bill into law. The legislation, targeting regulations for payment stablecoins, could affect Kwon’s charges related to...