#数字资产生态回暖 The fraud case of LUNA project founder Do Kwon has come to an end. The former crypto star has pleaded guilty in Manhattan Federal Court, with the final sentencing scheduled for December 11, 2025.

The severity of the situation exceeds many people's expectations. In August 2025, Do Kwon officially admitted to two serious crimes—"conspiracy to commit fraud" and "wire fraud"—which resulted in catastrophic losses of approximately $40 billion for global investors. Prosecutors took a hard stance, recommending 12 years in prison; the defense sought a lighter sentence of less than 5 years. The final sentence is expected to fall between 5 and 12 years.

Imprisonment alone is not enough. The authorities' "liquidation" of Do Kwon includes confiscating $19 million of criminal proceeds and freezing personal assets. Last June, he reached a settlement with the U.S. SEC requiring him to pay $204 million for investor compensation. Terraform Labs, founded by him, was also not spared, facing the seizure of huge illegal profits and civil fines.

The most painful part is that the US prison sentence is just the beginning. South Korean prosecutors have already filed charges against him, and once he completes his sentence in the US, the likelihood of extradition to South Korea for trial is very high—where the maximum sentence can reach 40 years. From a pioneer leading the crypto boom to today facing accountability in multiple countries, Do Kwon's story has become one of the industry's most sobering lessons.

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