AssetID: 55334147
Headline: UNCAPTIONED: Terraform Labs Founder Do Kwon Sentenced to 15 Years for Massive Crypto Fraud
Caption: Terraform Labs Founder Do Kwon Sentenced to 15 Years for Massive Crypto Fraud. A New York judge has sentenced former crypto executive Do Kwon to 15 years in prison for what prosecutors called one of the most damaging financial frauds in modern history. Kwon, the South Korean co-founder of Terraform Labs, was behind the TerraUSD and Luna tokens — coins that crashed spectacularly and wiped out an estimated $40 billion. He admitted misleading investors about TerraUSD, a so-called stablecoin that was supposed to stay pegged to the US dollar. Instead of allowing its algorithm to correct the price, Kwon secretly arranged for a trading firm to buy huge amounts of the token to make it look stable. Judge Paul Engelmayer said Kwon repeatedly deceived people who trusted him with their savings, calling the scheme "epic" in scale. Kwon, who pleaded guilty to conspiracy and wire fraud, told the court he regrets his actions and wishes he could undo the damage. His downfall marks yet another major prosecution in the crypto world following the industry's collapse in 2022. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current affairs & Politics,Do Kwon,Terraform Labs,crypto fraud,15-year sentence,TerraUSD,Luna crash,$40B loss,stablecoin deception,trading firm manipulation,investor misled,algorithm failure,Judge Engelmayer,conspiracy,wire fraud,crypto crackdown
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