The world’s most corrupt crypto startup operation

Do Kwon, founder of the collapsed Terra/Luna project, was sentenced to fifteen years in prison, three more than the twelve years prosecutors sought, and Judge Paul Engelmayer cited the scale of the fraud and its more than one million victims. The article describes Terra's May 2022 collapse, a $40 billion crash after the algorithmic stablecoin lost its dollar peg. It also reports that Kwon must serve at least half his sentence in the US before applying for transfer to South Korea, where he faces separate charges. Other items cover Paxful's $4 million fine, a Samourai Wallet cofounder's four-year sentence, and the OCC's conditional approval of five crypto trust bank charters.