Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022 , was sentenced in New York federal court on Thursday to 15 years in prison for fraud and conspiracy.

Kwon, 34, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, previously pleaded guilty and admitted to misleading investors about a coin that was supposed to maintain a steady price during periods of crypto market volatility.

Kwon was one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies. US District Judge Paul A. Engelmayer handed down the sentence at a hearing in Manhattan.

Crypto Mogul Do Kwon, shown in 2023, was s

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