#以太坊行情技术解读 The case of Do Kwon, the founder of the LUNA project that once caused a huge wave in the crypto world, has made new progress. The controversial founder has pleaded guilty in the US Federal Court in New York, admitting to two felonies: "conspiracy to commit fraud" and "wire fraud." The judge will deliver the final verdict on December 11, 2025, with an expected sentence ranging from 5 to 12 years.

From a numerical perspective, the impact of this case is quite alarming—the global investors suffered direct losses of approximately $40 billion due to the collapse of the LUNA project, making it one of the most catastrophic events in cryptocurrency history. US prosecutors have recommended a severe punishment, requesting a 12-year prison sentence; meanwhile, defense attorneys are advocating for a lighter sentence of less than 5 years. The final decision rests with the judge.

Beyond imprisonment, the financial penalties are equally heavy. The plea agreement requires him to forfeit $19 million in criminal proceeds and liquidate personal assets. Last year, he also reached a settlement with the US SEC, agreeing to pay $204 million to compensate affected investors. Related entity Terraform Labs faces substantial recovery efforts and civil fines.

Even more concerning is that his incarceration in the US might just be the beginning. After serving his sentence, he is highly likely to be extradited back to South Korea for trial. South Korean prosecutors have already filed fraud charges against him, with the maximum penalty in South Korea reaching up to 40 years. These series of events serve as a heavy warning to the entire crypto ecosystem — no matter how promising a project’s vision is, it cannot escape legal sanctions.