Do Kwon, a South Korean national and co-founder of Singapore-based Terraform Labs, which created the TerraUSD and Luna digital coins, has been sentenced to 15 years in prison by a New York judge.
The former crypto entrepreneur was convicted of orchestrating an "epic" fraud after the collapse of the two digital currencies, which wiped out an estimated US$40 billion. Kwon admitted to misleading investors about TerraUSD, a stablecoin meant to match the US dollar. He was also among several crypto leaders charged in the US after digital tokens crashed in 2022, causing multiple companies to fail.
The world of cryptocurrency is an intriguing journey through recent history. It all began with Bitcoin in 2009. This digital currency was developed as an alternative to traditional banking systems, aiming to offer a decentralized and transparent means of financial exchange. However, cryptocurrency seemed to get the wrong reputation over time.
Intrigued? In this gallery, we'll look at the evolution of cryptocurrency, and explain how it's more than just a get-rich-quick scheme. Click on to begin your education.