US prosecutors are seeking a 12-year prison sentence for Terraform Labs co-founder Do Kwon, who pleaded guilty to wire fraud and conspiracy. The filing states Kwon caused massive losses, contributing to the “Crypto Winter.” Kwon is also facing charges of securities fraud, market manipulation, and money laundering.
Kwon is set to be sentenced this week for his role at Terraform. Despite a plea for a maximum of five years, Kwon could face decades in prison due to his charges. If sentenced, he may face deportation to South Korea, where he could also face 40 years in prison.
Terra’s token, LUNA, surged over 40% following news of the sentencing recommendation. Kwon, previously arrested in Montenegro, may still face prison time in South Korea. The judge will decide on the sentence, with the possibility of decades in prison, contrasting with other crypto figures serving lengthy sentences.
Read more at Cointelegraph.com
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