In a twist that’s about as shocking as discovering your “stable” crypto investment is about as secure as a chocolate teapot in a sauna, U.S. prosecutors have demanded a 12-year prison sentence for Terraform Labs’ Do Kwon. They’re calling the 2022 TerraUSD [UST] and LUNA collapse “one of the most destructive financial frauds in crypto history.” 🤭📉
Filed on 4 December in the Southern District of New York (because nothing says “holiday cheer” like requesting a 12-year prison sentence for a crypto CEO, right?). Reports via InnerCityPress and Bloomberg Law confirm this is not a drill. 🚨
Prosecutors: “This Fraud Was the Crypto Equivalent of a Tsunami”
According to the memo, Kwon’s brainchild allegedly outdid the combined drama of Sam Bankman-Fried’s circus, Alex Mashinsky’s “Oops, my bad!” moment, and Karl Sebastian Greenwood’s OneCoin rollercoaster. 🤹💸
The Terra crash? A “colossal crypto fraud” that allegedly single-handedly turned the market into a winter wonderland of despair. Tens of billions vaporized, and suddenly “HODL” became “HODL-no-more.” 🧊💸
Prosecutors insist Kwon’s fraud was “special,” like a snowflake-if snowflakes could collapse economies. They claim UST was marketed as “stable” while internal data whispered, “This will end in tears.” 🧄♂️💸
Defense: “Five Years, Please, and a Cookie”
Kwon’s team is begging for mercy, citing his “time served” in Montenegro (aka jail-lite while awaiting extradition). They also warn, “What if South Korea wants a piece of this action too?” 🇲🇪🍪
Prosecutors shot back: “Nice try. This isn’t a buffet-fraud this epic deserves a full-course prison sentence.” 🧑⚖️🔪
The Countdown to Doomsday (or Do-Kwon-sday?)
Judge Paul A. Engelmayer will deliver the verdict on 11 December. Spoiler alert: It’s unlikely to involve a warning slap on the wrist and a stern “Don’t do it again.” 📅🧑⚖️
Extradition drama? Still unresolved. But the U.S. is determined to turn this into a Netflix true-crime docuseries. 📽️🍿
Final Thoughts
- Do Kwon now faces one of the harshest proposed sentences in crypto-related prosecutions 🎯
- The government’s request signals a new era of aggressive accountability for large-scale digital asset failures 🚨
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2025-12-05 21:26