$LUNC $LUNA US PROSECUTORS REQUEST 12-YEAR PRISON FOR DO KWON
๐ธ US prosecutors are seeking a 12-year prison sentence for Terraform Labs founder Do Kwon after he admitted defrauding investors.
๐ธ They say the Terra Luna collapse caused more damage than FTX, Celsius, and OneCoin combined
๐ธ Kwon's lawyers are seeking a five-year sentence, but the US says the scale of the fraud is so large that a heavy sentence is needed to deter similar cases.
๐ธ Prosecutors say Kwon lied about Terraform's technology, fled after the project collapsed, and tried to avoid extradition.
๐ธ Algorithmic stablecoin UST and its LUNA token were once worth more than $50 billion but collapsed because the project relied on hidden trading agreements and misleading data.
๐ธ Do Kwon's sentencing hearing will take place on December 11 in Manhattan federal court, New York.
