So, this Do Kwon guy… apparently did a thing. A really BIG thing. And now the U.S. Prosecutors want 12 years for it? 12 years! Like, I can barely commit to a lunch reservation.
Apparently, these prosecutors – very serious people, I’m sure – are telling a judge that this whole TerraUSD collapse was… bad. Disruptive! And it somehow caused other crypto things to fall apart. Like a domino effect. Honestly, it sounds exhausting. 🙄
They’re Blaming Him for EVERYTHING?!
According to Bloomberg – very reliable, I’ve heard – they filed this request on December 4th. A sentencing hearing is happening December 11th. And get this: they’re saying $40 BILLION vanished. Forty! I lose twenty bucks at the deli sometimes, and I’m stressed. This is a whole other level. 🤯
Related Reading: Do Kwon Pleads Guilty in U.S. Fraud Case Over $40 Billion TerraUSD Collapse | Live Bitcoin News
Apparently, what Kwon did was…significant. Like, FTX-significant. Celsius-significant. Even, and this is a big get, OneCoin-significant! They’re using these names like it’s a badge of dishonor. “Oh, you’re worse than OneCoin? That’s rough.” They’re saying his mess was even bigger than that Bankman-Fried guy. Which, frankly, is saying something.
So, Kwon, he pleaded guilty. Two charges. The prosecutors said they’d recommend 12 years. Key word: said. The judge, this Paul Engelmayer, could give him up to 25! Twenty-five! That’s… a long time to think about things. Everyone’s watching, naturally. It’s not like there’s anything better to do.
His Lawyers are Saying His Jail Was…Unpleasant?
His lawyers of course, he has lawyers are trying for five years. Five! They’re saying he was in a really rough jail in Montenegro. Actual hardship. And South Korea wants 40 years! Forty?! That’s…excessive. They want the judge to consider all the potential jail time. Like, “Don’t overdo it, your honor!”
He’s also, apparently, cooperating. And handing over like $19 million. A paltry sum, considering the $40 billion, but I guess it’s something. It’s like returning fifteen cents on a $100 bill. Still, they’re arguing for proportionality. Because, you know, fairness.
But the prosecutors are sticking to their guns. They need to “send a message.” A message! Like, everyone’s going to suddenly be responsible because of one guy? It’s just… exhausting. They keep saying trust is important. As if that’s a new concept.
More Rules? Ugh.
Now the “analysts” – the people who always know after the fact – are saying this whole thing could lead to more regulations. More rules! Like we don’t have enough. Of course it will. That’s how these things always go. They’re worried about algorithmic stablecoins. Always worried about something. 🙄
So, December 11th. Everyone’s waiting. There’s fear of “further enforcement.” Sounds ominous. But also, they think it might “stabilize standards.” You know, just the usual chaos. I need a nap. 😴
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2025-12-06 03:03