District Judge Paul Engelmayer has granted a postponement for the sentencing of TerraForm Labs co-founder Do Kwon, as the court has received hundreds of victim statements over the past 24 hours. These statements come from individuals who suffered losses due to Do Kwon’s company and its protocols. TerraForm Labs was a prominent blockchain and cryptocurrency project known for its popular cryptocurrency ‘Luna’ and its stablecoin ‘Terra USD,’ which had gained a significant market presence. However, a sharp decline in the value of these cryptocurrencies resulted in substantial investor losses, prompting legal action against the company. Do Kwon faces allegations of misleading investors and committing market fraud. The victim accounts reveal that many individuals lost their financial resources and endured adverse effects on their lives. The court is allowing additional time to hear these stories to fully understand all aspects before proceeding. The TerraForm Labs case is regarded as a serious incident within the cryptocurrency industry, impacting investor confidence and fueling discussions on market regulation. The upcoming hearing is expected to deliver a sentencing decision that could have profound effects on both the cryptocurrency market and the victims involved.
Source: coindesk
