Do Kwon, the South Korean co-founder of Terraform Labs, has been sentenced to 15 years in prison in the US. (File Photo)

Do Kwon, the South Korean co-founder of Terraform Labs, has been sentenced to 15 years in prison in the United States for fraud linked to the collapse of two major cryptocurrencies, The Guardian reported.

Kwon, 34, pleaded guilty to two counts of conspiracy to defraud and wire fraud. His company had developed the TerraUSD stablecoin and the Luna token, which together wiped out an estimated $40bn in 2022 and helped trigger a wider crash in the crypto market.

The sentencing took place in New York. According to The Guardian, US district judge Paul Engelmayer said Kwon’s actions amounted to “a fraud of epic generational scale”. The judge also said the 12-year sentence

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