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 sentence him to no more than five years in prison for his role in the 2022 collapse of the TerraUSD stablecoin, which amounted to $40 billion.

Kwon had previously pleaded guilty in August 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 fugitive by South Korean authorities.

Earlier reports from Reuters indicated that Terra founder Do Kwon has pleaded guilty in the $40 billion cryptocurrency collapse case, with sentencing scheduled for December 11.