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Crypto fraudster sentenced for 'epic' $40bn stablecoin crash [View all]
Source: BBC
A former crypto entrepreneur who was behind two digital currencies that collapsed and lost an estimated $40bn (£29.9bn) has been sentenced by a New York judge to 15 years in prison for an "epic" fraud.
Do Kwon, a South Korean national, was co-founder of Singapore-based Terraform Labs, which developed the TerraUSD and Luna digital coins.
Kwon had admitted misleading investors about TerraUSD, a so-called stablecoin that was supposed to maintain its value against the US dollar.
He was one of a number of crypto bosses to face charges in the US after digital tokens slumped in 2022, triggering the failure of several companies.
Read more: https://www.bbc.co.uk/news/articles/ckgmm92d213o
A Federal court, so there's the inevitable bribed pardon coming up - being Korean, he'll have to pay a bit more.
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