Overview
- U.S. District Judge Paul A. Engelmayer delivered the 15-year sentence, exceeding prosecutors’ recommendation and far above the defense’s bid for five years.
- Kwon pleaded guilty in August to conspiracy and wire fraud tied to Terraform Labs’ 2022 collapse, which erased roughly $40 billion in value.
- The court ordered forfeiture of more than $19 million, and victim statements described severe financial and personal harm.
- He was arrested in Montenegro in 2023 for using a false passport, extradited to the U.S., and will receive limited credit for custody served there.
- Kwon still faces charges in South Korea, and under his plea deal prosecutors will not oppose a transfer after he serves half his U.S. term; a prior SEC case ended in a roughly $4.55 billion settlement and a crypto-activity ban.