Do Kwon may still face a second trial in South Korea after being sentenced to 15 years in the U.S

According to Cryptonews, Do Kwon, co-founder of Terraform Labs, may still face a second trial in South Korea after being sentenced to 15 years in prison by a U.S. federal court in Manhattan for orchestrating the $40 billion TerraUSD collapse.

Reports indicate that South Korean prosecutors are seeking to impose a sentence of over 30 years on Do Kwon for violating capital market laws. The 34-year-old South Korean national could apply for transfer to South Korea after serving half of his sentence, with approximately 200,000 South Korean investors losing about 300 billion won ($204 million) as a result.

U.S. District Judge Paul Engelmayer stated during the sentencing last week, "In the history of federal prosecutions, few fraud cases have caused such severe damage." Do Kwon has admitted to deliberately participating in a scheme to defraud buyers of Terraform Labs' cryptocurrency from 2018 to 2022, leading to the collapse of the TerraUSD stablecoin and Luna token in May 2022, triggering a chain reaction in the cryptocurrency market.