Do Kwon Says Five Years in Prison Enough for Terra Crypto Fraud

Terraform Labs Pte. co-founder Do Kwon says he should get no more than five years in prison in the US for his role in a fraud tied to the $40 billion collapse of the TerraUSD stablecoin in 2022.

Kwon pleaded guilty in August to conspiracy and wire fraud and averted a trial after he was extradited to the US from Montenegro, where he’d been arrested and convicted of using a phony passport while a fugitive from charges in his native South Korea.

Do Kwon in Podgorica, Montenegro, on March 23, 2024.

Photographer: Filip Filipovic/Getty Images

In their sentencing recommendation filed late Wednesday, Kwon’s lawyers said that while prosecutors agreed in his ...