Terraform Founder Pleads for 5-Year Jail Term
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Key Notes Terraform founder Do Kwon has requested that a US judge limit his prison term to five years.Kwon’s legal team mentioned that he has already spent about 3 years behind bars.Do Kwon pleaded guilty to the charges against him in August. Do Kwon, the Terraform founder who was implicated by the implosion of the Terra LUNA $0.0748 24h volatility: 3.2% Market cap: $51.47 M Vol. 24h: $12.89 M blockchain, is asking for only five years in a United States prison. He already pleaded guilty to the charges of conspiracy and wire fraud levied against him. As part of his petition, Kwon says that he has a separate case in South Korea. Do Kwon Agrees to Penalties in a Deal with US Prosecutors On November 26, Terraform founder Do Kwon asked a United States judge to limit his prison sentence to only five years. This is for the role he played in the $40 billion crash of TerraUSD stablecoin in 2022 that negatively impacted the broader crypto market. According to a Bloomberg report, the young founder says a longer term would be too much, given that he has served other punishments. Kwon also mentioned that he has accepted the penalties meted to him. This includes forfeiting more than $19 million along with several properties. That’s why he says a reduction in his jail term should be considered. His legal team mentioned that he has already spent about 3 years behind bars, “with more than half that time in brutal conditions in Montenegro.” As it stands, prosecutors in South Korea are pursuing a separate case linked to the same events. In this case, Do Kwon could serve up to 40 years in prison. Fortunately, US prosecutors will not be seeking a sentence longer than 12 years, as agreed. At the same…
