US prosecutors recommend 12-year prison sentence for "massive" cryptocurrency fraud.

According to a court document filed with a New York federal judge, U.S. prosecutors have recommended a 12-year prison sentence for Terraform Labs co-founder Do Kwon for his fraudulent activities that led to the $40 billion collapse of the TerraUSD stablecoin in 2022. Sentencing is scheduled for December 11 by U.S. District Judge Paul Engelmayer. (Bloomberg)