'Terra's Do Kwon' final sentencing imminent… 'request for sentence of 5 years or less'

The final sentencing of Do Kwon, the founder of Terraform Labs who is facing criminal trial in the United States on charges including fraud related to the issuance of the stablecoin TerraUSD (UST), is imminent.

According to Reuters on the 11th (local time), Do Kwon will be sentenced that day at the U.S. federal court in New York on charges of fraud and conspiracy to commit money laundering. Earlier, U.S. prosecutors sought up to 12 years in prison for Do Kwon, saying losses of billions of dollars from the "Terra-Luna" incident triggered a cascading crisis across the cryptocurrency market.

Do Kwon's defense attorneys have said the prosecutors' plea bargain (a sentence reduction or adjustment conditioned on admitting guilt) is "unduly excessive." Earlier, in August, Do Kwon pleaded guilty to some of the charges brought by U.S. prosecutors and agreed to significantly reduce the maximum sentence. However, Do Kwon's side recently submitted a sentencing memorandum to U.S. authorities arguing that the sentence related to the Terra-Luna incident should not exceed 5 years.

Whether Do Kwon will be transferred to South Korea is also drawing attention. Reuters reported, "Do Kwon also faces criminal charges in South Korea," and said, "Under the plea bargain, U.S. prosecutors would not oppose a request to transfer Do Kwon abroad after he serves half of his sentence."