Jakarta, hitclubapk3 Indonesia
—
Former entrepreneur
crypto
Do Kwon
sentenced to 15 years in prison as a result of the case
fraud
His business ecosystem is worth US$40 billion or the equivalent of Rp. 666.8 trillion (assuming an exchange rate of Rp. 16,670 per US dollar), Thursday (11/12) local time.
U.S. Manhattan Federal Court Judge Paul A. Engelmayer deemed the government’s recommendation of 12 years in prison for Kwon “unreasonably light” and the plea’s request for five years “unreasonable and unreasonable.”
Kwon himself previously faced a maximum sentence of 25 years in prison.
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“Your actions caused real people to lose $40 billion in real money, not paper losses,” Engelmayer was quoted as saying
hitclubapk3
.
Judge Engelmayer said the fraud he committed was large scale and crossed generations and caused immeasurable harm to society with an estimated victim of one million people.
Kwon pleaded guilty to fraud charges related to the collapse of the company he founded in Singapore, Terraform Labs, in August.
Prosecutors say the damage from this case is greater than the combined fraud perpetrated by FTX founder Sam Bankman-Fried and OneCoin founder Karl Sebastian Greenwood.
Terraform Labs promoted TerraUSD as a stable asset, but prosecutors said that was just an illusion supported by outside cash injections.
However, the value of these assets fell well below US$1 or the equivalent of IDR 16,670.
Then, Kwon agreed to hand over more than US$19 million or the equivalent of Rp. 316.6 billion as a plea deal.
However, Judge Engelmayer rejected his request to serve his sentence in South Korea, where he is also serving time and his family lives.
“I’ve spent almost every waking second in the last few years thinking about what I could have done differently and what I could do now to make things better,” Kwon told Engelmayer.
Kwon was said by the victims to have exploited their trust to ensure their investments were safe.
However, Kwon actually committed fraud which had an impact on the victims ranging from depleting their savings, draining charity funds, to destroying their lives.
One victim also wrote a letter to the judge saying he was considering suicide after his father lost his pension because of the investment.
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