US prosecutors seek a 12-year sentence for Do Kwon over Terra’s $40B collapse, calling his actions colossal fraud that triggered wider market failures and contributed to FTX’s downfall.

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"According to Bloomberg, the government described Kwon’s crimes as “colossal in scope” in a Thursday filing before US District Judge Paul Engelmayer, pointing to cascading market failures that ultimately contributed to FTX’s downfall. Kwon will face sentencing on December 11, with his own legal team requesting just five years behind bars. The 34-year-old South Korean entrepreneur pleaded guilty in August to conspiracy and wire fraud charges under an agreement capping prosecutorial recommendations at 12 years."

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Meta tolerated widespread ad fraud from China to protect billions in revenue, internal documents show, even as the company found that up to 19% of its $18 billion China ad business came from scams and banned content.

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Meta tolerated widespread ad fraud from China to protect billions in revenue, internal documents show, even as the company found that up to 19% of its $18 billion China ad business came from scams and banned content.

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