In a landmark ruling for the cryptocurrency industry, South Korean entrepreneur Do Kwon was sentenced to 15 years in a U.S. federal prison on Thursday for his role in the fraud that led to the catastrophic $40 billion collapse of the TerraUSD and Luna currencies in 2022. The sentence by U.S. District Judge Paul A. Engelmayer in Manhattan concludes a high-profile case that became emblematic of the excesses and fraud in the digital asset market.

Who Is Do Kwon?

Do Kwon (born Kwon Do-hyung), 34, was the co-founder and CEO of Singapore-based Terraform Labs. Before his downfall, he was a charismatic and polarizing figure in the cryptocurrency world, known for his bold predictions and combative online persona. • TerraUSD (UST): An “algorithmic stablecoin” marketed as always being worth $1.

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