NEW YORK (AP) — Cryptocurrency mogul Do Kwon is scheduled to be sentenced Thursday for misleading investors who lost billions when his company’s crypto ecosystem collapsed in 2022.
Kwon, known by some as “the cryptocurrency king,” pleaded guilty in Manhattan federal court in August to fraud charges stemming from Terraform Labs’ $40 billion crash.
The company had touted its TerraUSD as a reliable “stablecoin” — a kind of currency typically pegged to stable assets to prevent drastic fluctuations in prices. But prosecutors say it was all an illusion that came crumbling down, devastating investors and triggering “a cascade of crises that swept through cryptocurrency markets.”
Kwon, who hails from South Korea, has agreed to forfeit over $19 million as part of the plea deal.
While federal sentencing guidelines would recommend a prison term of about 25 years, prosecutors have asked the court to sentence Kwon to 12 years. They cited his guilty plea, the fact that he faces further prosecution in Korea and that he has already served time in Montenegro while awaiting extradition.
“Kwon’s fraud was colossal in scope, permeating virtually every facet of Terraform’s purported business,” prosecutors wrote in a recent memo to the judge. “His rampant lies left a trail of financial destruction in their wake.”
Kwon's attorneys asked that the sentence not exceed five years, arguing in their own memo that his conduct stemmed not from greed, but hubris and desperation.
In a letter to the judge, Kwon wrote, “I alone am responsible for everyone’s pain. The community looked to me to know the path, and I in my hubris led them astray,” while adding, “I made misrepresentations that came from a brashness that is now a source of deep regret.”
Authorities said investors worldwide lost money in the downfall of the Singapore crypto firm, which Kwon co-founded in 2018. Around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg.
Kwon was extradited to the U.S. from Montenegro after his March 23, 2023, arrest while traveling on a false passport in Europe.
FILE - Montenegrin police officers escort South Korean citizen, Terraform Labs founder Do Kwon in Montenegro's capital Podgorica, March 23, 2024. (AP Photo/Risto Bozovic, File)
LONDON--(BUSINESS WIRE)--Dec 11, 2025--
Hanshow, a global leader in digital retail technology, has launched a multi-year research partnership with the University of Cambridge to develop next-generation Augmented RFID systems powered by distributed hardware architectures. The collaboration brings together Cambridge’s world-leading expertise in ultra-low-power sensing and communication with Hanshow’s industrial-scale deployment capabilities, aiming to set a new technological benchmark for the global retail sector.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211411976/en/
As retailers worldwide transition to increasingly automated, data-rich, and energy-efficient store environments, demand is rising for IoT systems that can sense, adapt and operate reliably at scale. The partnership will tackle this challenge head-on by integrating Cambridge research in intelligent sensing, energy harvesting and algorithmic optimisation with Hanshow’s edge-computing platforms and extensive real-world retail data infrastructure.
The joint project will explore new classes of intelligent RFID antennas, ultra-low-power communication modules and self-sustaining RFID nodes capable of ambient energy harvesting. By combining theoretical modelling, simulation and in-store experimentation, the team aims to dramatically improve signal coverage, data fidelity and resilience in complex retail environments.
For Cambridge researchers, the collaboration offers an opportunity to demonstrate how state-of-the-art engineering in distributed hardware systems can deliver measurable commercial and societal impact. For Hanshow, it provides a direct innovation pathway to future AIoT-driven retail solutions that enhance operational accuracy, reduce energy consumption and support more sustainable, responsive store infrastructures.
“With this collaboration, Hanshow is taking a decisive step toward reshaping the technological backbone of future retail,” said Min Liang, CTO of Hanshow. “Working with Cambridge enables us to convert advanced research into scalable, intelligent systems that deliver meaningful value for retailers worldwide.”
“By combining our work in low-energy, high-efficiency hardware with Hanshow’s global innovation capacity, we can accelerate the arrival of truly adaptive retail IoT,” said Associate Professor Michael Crisp, Department of Engineering, University of Cambridge. “This partnership is a powerful example of how academic–industry collaboration can drive real-world impact.”
The programme will progress through a series of research milestones and experimental deployments, generating both academic outputs and commercially ready technologies. It forms a central part of Hanshow’s global R&D strategy to connect digital and physical retail through AIoT architectures that improve efficiency, transparency and sustainability.
Hanshow continues to expand its worldwide innovation network, investing in open research collaborations that transform cutting-edge engineering into solutions that help retailers compete in an increasingly data-driven marketplace.
About Hanshow
Hanshow is a global leader in developing and manufacturing electronic shelf labels and digital store solutions. The company offers customers a series of customized IoT touchpoints and digital store solutions that deliver customer-centric insights. Hanshow’s solutions have provided services to a vast number of stores in over 70 countries and regions, helping them streamline operations, optimize pricing strategies, and offer customers a more personalized experience. In addition, Hanshow delivers advanced digital energy solutions, supporting clients with intelligent in-store energy optimization and integrated PV storage charging systems to reduce energy consumption, lower carbon emissions, and accelerate their transition toward sustainable operations. Learn more: www.hanshow.com
Hanshow and the University of Cambridge Announce Strategic Research Partnership to Advance Next-Generation Augmented RFID
