Cryptocurrency

Terraform Labs co‑founder Do Kwon is set to be sentenced in Manhattan federal court on Thursday after pleading guilty in August to fraud tied to the 2022 collapse of TerraUSD and Luna, which erased roughly $40 billion in value. Prosecutors seek 12 years in prison and $19 million forfeiture—below guidelines near 25 years—citing his plea, pending Korean prosecution, and time served in Montenegro, while Kwon’s lawyers ask for no more than five years.