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The moment crypto has been waiting for arrives today—Do Kwon's sentencing hearing in US federal court.
At stake? Two wildly different visions of justice. Prosecutors are pushing hard for a 12-year prison term, arguing the scale of the Terra/LUNA implosion—which wiped out roughly $40 billion in market value overnight—demands serious consequences. Meanwhile, Kwon's defense team is lobbying for a significantly lighter sentence: just 5 years behind bars.
The collapse of Terra remains one of the most devastating events in crypto history. Countless retail investors lost their life savings when the algorithmic stablecoin UST lost its peg in May 2022, triggering a death spiral that dragged LUNA down with it. The fallout sent shockwaves across the entire digital asset ecosystem and sparked a cascade of bankruptcies.
Now, as the judge weighs these competing arguments, the industry watches closely. Whatever comes down today won't just decide Kwon's fate—it'll send a signal about accountability in this space.