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One-time cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison after a USD 40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponised their trust to convince them that the investment -- secretly propped up by cash infusions -- was safe. Kwon, a Stanford graduate known by some as "the cryptocurrency king," apologised after listening as victims -- one in court and others by telephone -- described the scam's toll: wiping out nest eggs, depleting charities and wrecking lives. One told the judge in a letter that he contemplated suicide after his father lost his retirement money in the scheme. Engelmayer said the government's recommendation of a 12-year prison sentence was "unreasonably lenient" and the defense's request for five years was "utterly unthinkable and wildly unreasonable." Kwon faced a maximum sentence of 25 years in prison. "Your offence caused real people to lose USD 40 billion in real
Bitcoin continued its rapid climb and hit another all-time high Monday as US lawmakers begin a week focused on passing pro-crypto legislation. Data from CoinMarketCap showed bitcoin climbed above USD 123,000 early Monday, up from about USD 108,000 only a week ago. The world's oldest and most popular cryptocurrency is currently the fifth most valuable asset class in the world at USD 2.4 trillion, giving it a higher market cap than Amazon. The enthusiasm for bitcoin comes as the US House is set to take up several pieces of cryptocurrency-related legislation in what's been dubbed crypto week in Congress. Lawmakers have been under pressure from President Donald Trump and the big-spending crypto lobby to pass legislation quickly. That includes a bill passed last month by the Senate that would regulate a type of cryptocurrency known as stablecoins. The House is also set to take up a cryptocurrency market structure legislation that is far more sweeping. Trump, once a sceptic of the indus