Do Kwon News

A federal judge heard statements from some of Terraform Labs’ and Do Kwon’s victims for hours before deciding on the co-founder’s sentence.

The Terraform Labs co-founder could face up to 40 years in prison in South Korea, but a judge questioned whether the country would ignore his US sentence.

A sentencing recommendation said that Do Kwon had caused more losses than Sam Bankman-Fried, Alex Mashinsky and Karl Sebastian Greenwood combined.

Terraform Labs co-founder Do Kwon asked a US court to limit his prison term to five years as he faces a separate case in South Korea.

Elixir said it will sunset its deUSD stablecoin after $75 million worth of the token became entangled in Stream Finance’s $93 million loss.

The Terraform Labs co-founder was indicted in 2023 on nine charges related to the collapse of the ecosystem, resulting in an estimated $40 billion in losses.

In January, the Terraform Labs co-founder pleaded not guilty to several charges, including securities fraud, market manipulation, money laundering and wire fraud.

In a Wednesday status conference, the judge overseeing the Terraform Labs co-founder’s case reportedly said he was “mindful of the GENIUS Act.”

The launch of the crypto claims portal comes nearly three years after the Terra ecosystem’s $45 billion collapse in May 2022.

The next hearing in the US government’s case against Terraform Labs co-founder Do Kwon has been delayed until April after prosecutors said they found another four terabytes of evidence.

As part of discovery proceedings, prosecutors said they would search the Terraform Labs co-founder’s emails and Twitter account.

The Terraform Labs co-founder is in US custody after pleading not guilty to nine felony charges related to fraud at the platform.

Do Kwon, Terraform Labs co-founder, was extradited to the US by Montenegro, bypassing South Korea’s petition.

The Terraform Labs co-founder was indicted on eight felony charges in 2023 but will likely face an additional count for money laundering conspiracy.

“The defendant orchestrated schemes to defraud purchasers of cryptocurrencies,” the indictment against the Terraform co-founder read.