By Jack Queen

NEW YORK, Dec 11 (Reuters) – Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is set to be sentenced in New York federal court on Thursday ‍for fraud and conspiracy.

Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.

Kwon was one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 ‌prompted the collapse of a number of companies.

U.S. District Judge Paul ‌A. Engelmayer will hand down the sentence at a hearing in Manhattan set to be

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