Korean cryptocurrency entrepreneur sentenced to 15 years in prison

Do Kwon, the Korean cryptocurrency entrepreneur and co-founder of Terraform Labs, has been sentenced to 15 years in prison by a federal court in Manhattan after being convicted of high-profile fraud - which led to a loss of around $40 billion, according to The Guardian.

During the hearing, Judge Paul A. Engelmayer called the case "an epic fraud," noting that Kwon had defrauded investors who had entrusted him with their life savings.

Kwon, 34, has pleaded guilty to conspiracy and wire fraud, as well as making false statements about the stablecoin "TerraUSD," which was supposed to hold the value of $1 but failed, causing the market to collapse.

He apologized in court, referring to people who had lost large sums, including one investor who lost up to $500.

The prosecution presented evidence of Kwon's plans to manipulate the value of cryptocurrencies, seeking a severe sentence – due to the extraordinary economic damage.