PANews reported on December 12th that, according to The Block, Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for his role in the TerraPANews reported on December 12th that, according to The Block, Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for his role in the Terra

Terraform Labs founder Do Kwon sentenced to 15 years in prison by a U.S. judge.

2025/12/12 07:03

PANews reported on December 12th that, according to The Block, Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for his role in the Terra-Luna token collapse, which wiped out $40 billion in 2022. Kwon was sentenced on Thursday in the Southern District of New York, a sentence exceeding the prosecution's initial demands. Prosecutors argued that given Kwon's past misconduct and the sheer scale of the fraud, he should receive a 12-year prison sentence; however, Kwon's lawyers argued for a mere 5-year sentence.

U.S. District Judge Paul Engelmayer stated that Do Kwon "chose to lie" and "made the wrong choice." In March 2023, Do Kwon was criminally charged with conspiracy to commit fraud, merchandise fraud, wire fraud, securities fraud, conspiracy to commit fraud, and conspiracy to manipulate the market and launder money. In August of the same year, Do Kwon subsequently pleaded guilty to wire fraud and conspiracy to commit fraud. Do Kwon may face further legal challenges in South Korea; he must serve at least half of his sentence before he can apply for transfer to South Korea, and it has been reported that the 17 months he served in Montenegro prison will be counted towards his sentence.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Aave V4 roadmap signals end of multichain sprawl

Aave V4 roadmap signals end of multichain sprawl

The post Aave V4 roadmap signals end of multichain sprawl appeared on BitcoinEthereumNews.com. Aave Labs has released its official launch roadmap for V4, laying out the final steps ahead of the major upgrade’s Q4 mainnet launch.  Alongside new architectural and security improvements, the roadmap introduces a fundamental shift in how user balances are tracked and highlights a strategic pullback from economically underperforming deployments across layer-2 and alternative layer-1 networks. The V4 release moves away from aTokens’ rebasing-style mechanics toward ERC-4626-style share accounting, a change that promises cleaner integrations, easier tax treatment, and better compatibility with downstream DeFi infrastructure.  In a recent technical development update, Aave Labs confirmed that “tokenization is to remain optional and built using ERC 4626 vaults,” and that internal accounting will eliminate the use of exchange rates or scaled balances. The goal is to “further improve the overall reliability of the protocol.” ERC-4626 is a widely adopted Ethereum standard that expresses user deposits as shares of a vault rather than balances that grow over time. In Aave V3, aTokens accrue interest by increasing a user’s balance directly — behavior that resembles rebasing tokens and often confuses integrations and portfolio accounting tools.  By contrast, ERC-4626 tracks yield through a rising price-per-share metric, leaving token balances unchanged. The result is more predictable behavior for integrators, auditors and tax software, as well as a clearer cost basis for users. The roadmap also outlines a series of release milestones, including a formal codebase publication, a public testnet launch with a redesigned interface, and the completion of a multi-layered security review involving formal verification and manual audits. Aave Labs said the roadmap reflects the protocol’s “final stages of review, testing, and deployment,” and that additional documentation and launch preparation materials will be released in the coming weeks. But the most pointed strategic shift comes not from the codebase, but from Aave’s own governance forums. “Aave…
Share
BitcoinEthereumNews2025/09/18 07:40