Kwon, crypto mogul behind Luna and TerraUSD, faces sentencing for misleading investors after his crypto empire collapsed in 2022.
U.S. District Judge Paul Engelmayer sentenced Kwon to prison for orchestrating a $40 billion crypto collapse involving TerraUSD and Luna. Kwon, who pleaded guilty, was ordered to forfeit over $19 million. The case highlights ongoing regulatory scrutiny of cryptocurrencies following the 2022 market crash.