Terraform Labs founder Do Kwon requests the U.S. court to impose a sentence of no more than five years in prison

According to Bloomberg, Terraform Labs co-founder Do Kwon has requested a U.S. court to impose a sentence of no more than five years in prison for his role in the 2022 TerraUSD stablecoin $40 billion collapse case.

Kwon had previously pleaded guilty in 2024, admitting to conspiracy and wire fraud charges, thus avoiding a trial. He was extradited to the U.S. after being arrested in Montenegro for using a forged passport, having been a wanted person by South Korean authorities. According to previous reports from Reuters: Terra founder Do Kwon has pleaded guilty in the $40 billion cryptocurrency collapse case, with sentencing set for December 11.