A New York Southern District Court has sentenced Do Kwon, the founder of Terraform Labs (known for its cryptocurrencies UST, Luna, and Terra), to 15 years in prison.
Do Kwon, a South Korean national, founded Terraform Labs in 2018. Following the 2022 cryptocurrency crash, he was issued an arrest warrant by South Korean authorities and fled the country. He was apprehended in Montenegro in 2023 before being extradited to the United States, where the U.S. Securities and Exchange Commission (SEC) was also prosecuting Terraform Labs.
Following a U.S. court hearing, the judge sentenced him to 15 years in prison on fraud charges. He is eligible to request transfer to South Korea to face trial if he serves half of his 15-year sentence. Terraform Labs settled with the SEC in 2024.
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