US prosecutors seek a 12-year sentence for Do Kwon over Terra’s $40B collapse, calling his actions colossal fraud that triggered wider market failures and contributed to FTX’s downfall.

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"According to Bloomberg, the government described Kwon’s crimes as “colossal in scope” in a Thursday filing before US District Judge Paul Engelmayer, pointing to cascading market failures that ultimately contributed to FTX’s downfall. Kwon will face sentencing on December 11, with his own legal team requesting just five years behind bars. The 34-year-old South Korean entrepreneur pleaded guilty in August to conspiracy and wire fraud charges under an agreement capping prosecutorial recommendations at 12 years."

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US prosecutors seek a 12-year sentence for Do Kwon over Terra’s $40B collapse, calling his actions colossal fraud that triggered wider market failures and contributed to FTX’s downfall.

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US prosecutors seek a 12-year sentence for Do Kwon over Terra’s $40B collapse, calling his actions colossal fraud that triggered wider market failures and contributed to FTX’s downfall.

More on Fraud

India arrests key suspect linked to Myanmar crypto scam compounds, exposing trafficking network that forced victims into global fraud operations across Southeast Asia

US senators proposed the SAFE Crypto Act to coordinate Treasury, law enforcement, and private firms against crypto scams, including social engineering attacks. Backers say stronger enforcement tools could sharply curb fraud as crypto-related losses surge.

Meta tolerated widespread ad fraud from China to protect billions in revenue, internal documents show, even as the company found that up to 19% of its $18 billion China ad business came from scams and banned content.

US prosecutors expanded charges against crypto promoter Rodney Burton over the $1.8B HyperFund fraud, citing wire fraud, money laundering, and flight risk after bail denial.

Hollywood filmmaker Carl Erik Rinsch scammed Netflix out of $11 million and blew the cash on crypto memes making some profits with Dogecoin

Europe Dismantles €700M Crypto Fraud Ring That Used Deepfake Ads, Arresting Nine in Major Cross-Border Sting

India arrests key suspect linked to Myanmar crypto scam compounds, exposing trafficking network that forced victims into global fraud operations across Southeast Asia

US senators proposed the SAFE Crypto Act to coordinate Treasury, law enforcement, and private firms against crypto scams, including social engineering attacks. Backers say stronger enforcement tools could sharply curb fraud as crypto-related losses surge.

Meta tolerated widespread ad fraud from China to protect billions in revenue, internal documents show, even as the company found that up to 19% of its $18 billion China ad business came from scams and banned content.

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