- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Do Kwon Pleads Guilty: Prosecutors Recommend a Sentence of Up to 12 Years in Prison, Sentencing by the Chief Judge Scheduled for December 11
BlockBeats News, August 13th, according to Reuters, South Korean cryptocurrency entrepreneur Do Kwon admitted on Tuesday in a New York federal court to two counts of fraud. The 33-year-old co-founder of Terraform Labs, developer of the TerraUSD and LUNA tokens, experienced a collapse in 2022, resulting in approximately $40 billion in losses.
During a hearing presided over by Judge Paul Engelmayer in the Southern District of New York, Do Kwon pleaded guilty to charges of conspiracy to commit fraud and telecommunication fraud. In January of this year, he had refused to plead guilty to a nine-count indictment, including securities fraud, wire fraud, commodities fraud, and money laundering.
At the trial, Do Kwon apologized in court, saying, "I concealed the truth of the trading firm's intervention in the recovery of the peg, making false statements. My actions were wrong."
Although the statutory maximum sentence is 25 years, the prosecution has agreed to recommend a term of imprisonment not exceeding 12 years if he pleads guilty and shows remorse. The presiding judge is set to deliver the sentencing judgment on December 11th. This case is one of the key cases during the 2022 cryptocurrency winter, during which several digital asset companies went bankrupt.
You may also like
Is AI Taking Over Everything as Cryptography Wasn't Designed for Humans?
WEEX AI Trading Hackathon: 3 Key Insights on the Future of AI Trading & Prediction Markets
Dive into the key takeaways from the WEEX AI Trading Hackathon AMA. Get 3 critical insights from platform builders, prediction market experts, and winning traders on the future of AI trading, how to trade social sentiment, and why human-AI collaboration is the ultimate edge.
Beyond the Battle: PS5 Prizes, 1,000 USDT Giveaways & Key WEEX AI Trading Insights from Istanbul
Get key insights from the frontline of AI trading: Analysis of a live showdown in Istanbul reveals when human intuition beats AI, and where algorithms dominate. Learn the future of collaborative trading.
2026 Spring Festival: Why Did Tech Giants Splurge 4.5 Billion on Insane AI Payment Subsidies?
Bloomberg: How Did a16z Become a Key Player in US AI Policy?
Bitcoin's Big Brother Scythe, a Nasdaq Heist Chronicle
ARK Invest: Stablecoins are Constructing the Next-Generation Monetary System
President Trump Asserts Imminent Passing of Crypto Market Structure Bill
Key Takeaways Presidential Confirmation: President Trump states the major crypto market structure bill is on the verge of…
Germany Central Bank Head Advocates for European Crypto Stablecoins Under EU MiCA Framework
Key Takeaways Joachim Nagel, head of the Germany Bundesbank, is advocating for the adoption of euro-based crypto stablecoins…
Polygon Surpasses Ethereum in Daily Fees as Polymarket Bets Rocket
Key Takeaways Polygon has outpaced Ethereum in daily transaction fees, a historic shift driven by activity on Polymarket.…
Bitcoin Price Prediction: BTC Short Squeeze Alert – Is a Significant Rebound on the Horizon?
Key Takeaways Recent data indicates Bitcoin shorts have escalated to unprecedented levels reminiscent of a major market low…
Google’s Gemini AI Predicts the Price of XRP, Solana, and Bitcoin by the End of 2026
Key Takeaways XRP’s Potential: Google’s Gemini AI forecasts XRP could reach $10 by 2026, leveraging Ripple’s payment solutions…
Top Analyst Warns Bitcoin Price Could Plummet to $10,000 Amid Deepening Bear Market
Key Takeaways Bitcoin’s value could potentially drop to $10,000 as part of an imploding bubble, suggests a renowned…
Best Crypto to Buy Now February 10 – XRP, Solana, Dogecoin
Key Takeaways XRP is poised for long-term growth with its recent strategic expansions in institutional-grade payments and tokenization.…
Kyle Samani Criticizes Hyperliquid in Explosive Post-Departure Market Commentary
Key Takeaways: Kyle Samani, after leaving Multicoin Capital, criticized Hyperliquid, a decentralized exchange, labeling it as a systemic…
XRP Price Prediction: A 50M Token Sell-Off Just Shook the Market — Is More Loss Imminent?
Key Takeaways Over 50 million XRP hit the market within a span of less than 12 hours, leading…
Strategy Plans to Equitize Convertible Debt Over 3–6 Years: What It Means for BTC
Key Takeaways Strategy, led by Michael Saylor, is equitizing $6 billion in convertible debt as a long-term strategy…
BlockFills Freezes Withdrawals as Bitcoin Declines, Heightening Counterparty Risk Concerns
Key Takeaways BlockFills, an institutional trading firm, has stopped client withdrawals amid rising market volatility and Bitcoin price…
Is AI Taking Over Everything as Cryptography Wasn't Designed for Humans?
WEEX AI Trading Hackathon: 3 Key Insights on the Future of AI Trading & Prediction Markets
Dive into the key takeaways from the WEEX AI Trading Hackathon AMA. Get 3 critical insights from platform builders, prediction market experts, and winning traders on the future of AI trading, how to trade social sentiment, and why human-AI collaboration is the ultimate edge.
Beyond the Battle: PS5 Prizes, 1,000 USDT Giveaways & Key WEEX AI Trading Insights from Istanbul
Get key insights from the frontline of AI trading: Analysis of a live showdown in Istanbul reveals when human intuition beats AI, and where algorithms dominate. Learn the future of collaborative trading.
App