- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Do Kwon Pleads Guilty: Prosecutors Recommend a Sentence of Up to 12 Years in Prison, Sentencing by the Chief Judge Scheduled for December 11
BlockBeats News, August 13th, according to Reuters, South Korean cryptocurrency entrepreneur Do Kwon admitted on Tuesday in a New York federal court to two counts of fraud. The 33-year-old co-founder of Terraform Labs, developer of the TerraUSD and LUNA tokens, experienced a collapse in 2022, resulting in approximately $40 billion in losses.
During a hearing presided over by Judge Paul Engelmayer in the Southern District of New York, Do Kwon pleaded guilty to charges of conspiracy to commit fraud and telecommunication fraud. In January of this year, he had refused to plead guilty to a nine-count indictment, including securities fraud, wire fraud, commodities fraud, and money laundering.
At the trial, Do Kwon apologized in court, saying, "I concealed the truth of the trading firm's intervention in the recovery of the peg, making false statements. My actions were wrong."
Although the statutory maximum sentence is 25 years, the prosecution has agreed to recommend a term of imprisonment not exceeding 12 years if he pleads guilty and shows remorse. The presiding judge is set to deliver the sentencing judgment on December 11th. This case is one of the key cases during the 2022 cryptocurrency winter, during which several digital asset companies went bankrupt.
You may also like
Circle CEO’s Insight: The Future of Stablecoins and Digital Financial Platforms
Key Takeaways: Circle completed a noteworthy IPO in 2025, signifying a major milestone in the crypto space. The…
NVIDIA GTC 2026 Set to Gather Global Tech Enthusiasts
Key Takeaways: NVIDIA GTC 2026 will occur in San Jose from March 16-19, bringing together over 30,000 participants.…
What Competitive Edges Still Remain in the AI era?
Key Takeaways: AI’s ability to write code and automate tasks is reshaping traditional job structures, pushing for new…
Aave’s New Protective Layer: Introducing Aave Shield
Key Takeaways: Aave has introduced the Aave Shield feature, designed to block swaps with a price impact exceeding…
U.S.-Iran Conflict Intensifies Amid Diplomatic Stalemate
Key Takeaways: Middle Eastern efforts to mediate U.S.-Iran tension have been declined by both nations, indicating a readiness…
AI “Brainwashing” Scandal: Spotlight on GEO and Data Poisoning in Large Models
Key Takeaways: The GEO business has emerged, capitalizing on AI manipulation by making products appear as standard answers…
Bitwise CIO: Bitcoin’s Potential to Reach $1 Million if it Captures Gold and Sovereign Debt Market Share
Key Takeaways: Matt Hougan of Bitwise suggests that Bitcoin could reach a $1 million price if it captures…
Argentinian President Milae Accused of $5 Million Scheme with LIBRA Token
Key Takeaways: President Milae is alleged to have facilitated a $5 million scam involving LIBRA tokens. The scheme…
Aave Post-Mortem: Liquidity Shortfall Causes $50 Million Loss
Key Takeaways: On March 12, 2026, a significant token swap on Aave led to a $50.43 million discrepancy…
Bitcoin’s HODL Strategy Faces a 5.96% Unrealized Loss
Key Takeaways: Bitcoin holds a current unrealized loss of 5.96%, translating to an estimated $3.34 billion. Bitcoin has…
Polymarket’s Predictions on Bitcoin’s 2026 Trajectory
Key Takeaways: Polymarket assigns a 40% probability for Bitcoin hitting $100,000 this year, emphasizing market uncertainty. The chances…
Michael Saylor’s Recent Moves and the Implications for Bitcoin Accumulation
Key Takeaways: As of March 8, 2026, Strategy, led by Michael Saylor, accumulated a total of 738,731 BTC…
Bitcoin Weekly Return Hits 8.55%, Largest Surge Since 2025
Key Takeaways: Bitcoin’s weekly return rate has surged to 8.55%, marking its most significant weekly gain since September…
Tom Lee: Oil Price Hike and U.S. Stock Market Dynamics
Key Takeaways: Tom Lee suggests that rising oil prices might bolster rather than hinder the U.S. stock market…
「Wood Sister」: Market Bravery Amidst Fear
Key Takeaways: Cathie Wood sees the current market climate as an opportunity to buy volatile stocks due to…
China Internet Finance Association Issues Warning on OpenClaw Security Risks
Key Takeaways: OpenClaw smart agent, while boosting efficiency, is highly susceptible to exploitation due to weak security and…
Oil Price Soars Amid US-Iran Tensions: Strategic Moves for Investors
Key Takeaways: The US-Iran conflict has led to a 45% surge in oil prices since February 27th, importantly…
CEX Observes a Net Inflow of 4300.25 BTC Over the Past Week
Key Takeaways: Significant BTC inflows were recorded on major crypto exchanges, totaling 4300.25 BTC over the last seven…
Circle CEO’s Insight: The Future of Stablecoins and Digital Financial Platforms
Key Takeaways: Circle completed a noteworthy IPO in 2025, signifying a major milestone in the crypto space. The…
NVIDIA GTC 2026 Set to Gather Global Tech Enthusiasts
Key Takeaways: NVIDIA GTC 2026 will occur in San Jose from March 16-19, bringing together over 30,000 participants.…
What Competitive Edges Still Remain in the AI era?
Key Takeaways: AI’s ability to write code and automate tasks is reshaping traditional job structures, pushing for new…
Aave’s New Protective Layer: Introducing Aave Shield
Key Takeaways: Aave has introduced the Aave Shield feature, designed to block swaps with a price impact exceeding…
U.S.-Iran Conflict Intensifies Amid Diplomatic Stalemate
Key Takeaways: Middle Eastern efforts to mediate U.S.-Iran tension have been declined by both nations, indicating a readiness…
AI “Brainwashing” Scandal: Spotlight on GEO and Data Poisoning in Large Models
Key Takeaways: The GEO business has emerged, capitalizing on AI manipulation by making products appear as standard answers…
App