by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, Dec 4 – After the collapse of the crypto firm Terraform Labs, Inner City Press covered the SEC's trial against it and Do Kwon - except that Kwon was in Montenegro. Now, Do Kwon book here
Early on January 2, 2025 Inner City Press learned and vlogged that Kwon would be presented later in the day before U.S. District Court for the Southern District of New York Magistrate Judge Robert W. Lehrburger.
The case was reassigned to Judge Paul A. Engelmayer to whom the US Attorney's Office on January 6 directed a victims' notice motion, on Patreon here
On August 11, 2025 Judge Engelmayer docketed an order that Do Kwon was a change of plea - to guilty - on August 12 at 10:30 am. Order on Patreon here.
On August 12 Inner City Press live tweeted the guilty plea, including AUSA saying her Office will advocate for a 12 year sentence if Do Kwon commits no new crimes. Thread.
On November 26 Do Kwon's lawyer wrote in a heavily redacted submission that he should be sentenced to no more than five years, not the 12 years cited in his plea agreement - and the 12 years imposed on Mashinsky. 23 page filing on Patreon here
On December 4 the US Attorney's Office wrote in asking for 12 years, saying that Do Kwon caused losses eclipsing those of SBF, Mashinsky and Greenwood of OneCoin combined.
More on Substack here
The plea deal provides "If the defendant is eligible and applies to transfer his sentence pursuant to the international prisoner transfer program, this Office agrees to support the defendant's transfer application, provided that the defendant does not otherwise breach the plea agreement" - plea agreement on Patreon here
More / extra on X for Subscribers here, Patreon (with earlier US case status summary) here
Inner City Press published a book: "Crypto Death Spiral: Could a Luna Rise Again?" by Matthew Russell Lee, ebook here, audiobook here.
Watch this site
The case is USA v. Kwon, 1:23-cr-151 (Engelmayer)
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