Terraform Labs founder may serve part of sentence in South Korea

Do Kwon, the South Korean founder of blockchain platform Terraform Labs, has pleaded guilty to two counts of conspiracy to defraud and wire fraud under a deal with the Manhattan U.S. Attorney’s Office, Reuters reported. Under the agreement, prosecutors will not oppose his request to serve the latter half of his sentence outside the U.S., potentially in South Korea. Kwon could face a maximum sentence of 25 years, but prosecutor Kimberly Ravener said the government would seek no more than 12 years if he acknowledges his wrongdoing. He still faces separate fraud and other charges in South Korea.