Overview
- U.S. District Judge Paul A. Engelmayer called the conduct “fraud on an epic, generational scale,” imposing a term above the government’s recommendation.
- Do Kwon pleaded guilty in August to conspiracy to defraud and wire fraud and must forfeit more than $19 million, with credit for time already served.
- The 2022 collapse of TerraUSD and Luna wiped out roughly $40 billion, and victims’ letters described life‑altering losses worldwide.
- Prosecutors said they would support a transfer for Kwon to serve the second half of his sentence in South Korea, where separate cases remain pending.
- Kwon was arrested in Montenegro in 2023 for using a false passport and later extradited to the United States, after an SEC civil case concluded with a multibillion‑dollar settlement.