A U.S. federal court in New York issued a 15-year prison sentence to Terraform Labs co-founder Do Kwon, marking one of the most significant criminal judgments tied to a crypto collapse. Kwon pleaded guilty in August to fraud and conspiracy charges stemming from the implosion of terrausd (UST) and luna (LUNA now LUNC), which erased an estimated $40 billion in market value in 2022. Prosecutors described the misconduct as fraud “on an epic, generational scale,” highlighting evidence that investors were misled prior to the platform’s downfall. During the sentencing hearing, victims detailed steep financial losses, including wiped-out retirement funds. As part of his plea agreement, Kwon will forfeit more than $19 million in proceeds determined to be linked to the scheme.

While U.S. District Judge Paul A. Engelmayer denied a request from Kwon’s defense team for a shorter sentence that would allow him to return to South Korea immediately, prosecutors indicated they would not oppose a future application for international transfer. Under the arrangement, Kwon may seek to serve the second half of his sentence in South Korea after completing roughly 7.5 years in U.S. custody. South Korean authorities have signaled their own intention to pursue charges that could carry a lengthy penalty.

• Why was Do Kwon sentenced to 15 years?
  He was sentenced after pleading guilty to fraud and conspiracy tied to the TerraUSD and Luna collapse.
• Can Do Kwon serve his sentence in South Korea?
  He may apply for transfer after serving half of his U.S. sentence.
• What charges does he face in South Korea?
  South Korean prosecutors accuse him of violating capital markets law.
• How much did Kwon agree to forfeit?
  He will forfeit more than $19 million linked to the scheme.

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