Do Kwon Faces Sentencing in the US Over the Terra/Luna Collapse
Do Kwon, the South Korean entrepreneur behind the failed TerraUSD and Luna tokens, is hours away from learning his fate in a New York federal courtroom. His sentencing marks one of the most significant moments in the fallout from the 2022 crypto market collapse, which erased an estimated $40 billion and devastated investors around the world. A Collapse That Shook the Industry Kwon, 34, co-founded Terraform Labs and built TerraUSD, a so-called stablecoin that was promoted as maintaining a steady $1 value even during turbulent market conditions. Prosecutors say he misled investors about how the coin kept its peg, concealing the role of a high-frequency trading firm that secretly spent millions to prop up its price after it slipped in May 2021. He has admitted in court that he made false statements about the mechanism that restored the peg, acknowledging that he failed to disclose the trading firm’s intervention. The implosion of TerraUSD and its sister token, Luna, triggered widespread panic. The shock rippled across exchanges, funds, and lending platforms—setting the stage for several other high-profile failures later that year. According to federal prosecutors, the losses connected to Kwon’s project exceeded those attributed to both FTX founder Sam Bankman-Fried and OneCoin’s Karl Sebastian Greenwood. Prosecutors Seek 12 Years; Defence Pushes for 5 Sentencing guidelines recommend roughly 25 years in prison. Prosecutors, however, are asking for a minimum of 12 years, citing Kwon’s guilty plea and the time he already spent in custody in Montenegro after attempting to travel on a falsified passport during his flight from Singapore. Kwon’s legal team argues for a five-year term, saying his wrongdoing grew from misplaced confidence rather than a deliberate desire to enrich himself. They also emphasized his need to face pending criminal charges in South Korea. U.S. District Judge Paul A. Engelmayer will issue the final sentence after hearing from Kwon and his attorneys. Victims Plead for Justice During Thursday’s hearing, victims—some present in the courtroom, others speaking by phone—described how the collapse wiped out retirement savings, college funds, and money reserved for bills and charitable work. Many said they trusted the project because of Kwon’s public assurances that TerraUSD was safe and backed by sound technology. Their accounts underscored the human cost behind the financial destruction, painting a picture far beyond charts and market caps. A Global Legal Saga After the collapse, Kwon attempted to rebuild Terraform Labs in Singapore, but as pressure mounted and assets were frozen, he fled through Serbia before being detained in Montenegro in March 2023. He was extradited to the U.S. after months of legal wrangling. Earlier this year, he agreed to pay $80 million in civil penalties and accepted a ban from participating in cryptocurrency activities as part of a $4.55 billion settlement with the U.S. Securities and Exchange Commission. Under the terms of his plea deal, prosecutors will not oppose his transfer to South Korea after he completes half of his U.S. sentence. What Comes Next Kwon’s sentencing will mark a defining moment in the broader conversation around crypto accountability. While the industry has seen several enforcement actions since 2022, few cases have carried stakes this high or involved losses of such scale. As investors, regulators, and industry leaders await Judge Engelmayer’s decision, the outcome is expected to influence how future cases involving digital asset fraud are prosecuted—and how developers communicate risk to the public.
Revolut and Trust Wallet Teamed up To Offer Instant Bitcoin and Crypto Purchases in the EU
European crypto users just received a major boost, as Revolut and Trust Wallet have joined forces to introduce an instant, direct-to-wallet crypto buying option. The collaboration marks one of the most significant moves yet to simplify crypto purchases while keeping users firmly in control of their assets. Key Takeaways A New Path for Buying Crypto in the EU The new integration allows Trust Wallet users across the European Economic Area to buy digital assets using Revolut Pay, debit cards, credit cards, or bank transfers. Purchases are settled instantly and delivered straight into the user’s self-custodial Trust Wallet—skipping centralized exchanges entirely. For users who already hold funds in their Revolut account, transactions can be completed with zero additional fees, aside from standard network costs. This brings a faster and more affordable path into crypto, especially for first-time buyers who often face complex onboarding steps. Trust Wallet, which now reports more than 220 million users globally, framed the partnership as a long-overdue improvement in accessibility. CEO Eowyn Chen noted that the goal is to make buying crypto feel no different from any ordinary online payment. The integration aims to remove the friction many newcomers face when they’re asked to move money through multiple platforms before securing their assets. Direct Self-Custody from the Start One of the standout features of the partnership is its full commitment to self-custody. Instead of depositing funds on centralized platforms—where users typically wait for processing, conversions, or withdrawal approvals—crypto bought through Revolut is transferred immediately and only to the user’s wallet. This model prevents funds from ever sitting on third-party exchanges, addressing long-standing concerns around hacks, withdrawal freezes, or custodial failures. In an era where users are increasingly aware of the risks of storing assets on exchanges, the ability to buy directly into a secure wallet represents a major shift. Supported Assets and Expansion Plans At launch, the integration supports five major assets commonly used for trading, payments, and stable transfers: Both companies say more cryptocurrencies will be added later, widening the range of options for European users. Why Revolut Is Doubling Down on Crypto The partnership comes during a period of rapid expansion for Revolut. The London-based fintech recently secured a MiCA license through Cyprus, giving it regulatory approval to offer crypto services across the EEA—an important win as Europe tightens its oversight of digital assets. Revolut has been on a strong financial run as well. It posted $4 billion in revenue and $1.4 billion in pre-tax profit for 2024 and reached a $75 billion valuation following a major secondary share sale backed by investors such as Coatue, Fidelity, and NVIDIA’s NVentures. The company has also extended its global presence with new banking licenses in Mexico and Colombia. In late 2024, Revolut also began collaborating with Polygon Labs to support crypto remittances through stablecoins like USDC, USDT, and POL. The partnership with Trust Wallet is the latest indicator of Revolut’s ambition to become a central player in everyday crypto transactions. The Bigger Picture For many in the industry, this collaboration addresses one of crypto’s long-standing bottlenecks: the “first purchase” hurdle. New users often struggle with identification steps, exchange deposits, wallet configurations, or delays that make their early interactions with crypto complicated. By allowing users to purchase assets instantly—using familiar payment methods—and have them delivered directly to a wallet they control, the Revolut-Trust Wallet integration removes several of these barriers at once. It also sends a signal about where the market is heading. As regulators push for safer custody practices and more transparency, products that combine compliant payment rails with self-custody solutions may become standard across the industry. A Strong Start for a Potentially Game-Changing Partnership With instant settlements, optional zero-fee transactions, and seamless onboarding, this partnership offers a model that many other fintech and crypto firms could eventually follow. More assets are expected to join the supported list soon, and both companies appear committed to expanding the service. For now, users in the EU can enjoy one of the simplest pathways yet for buying and holding Bitcoin, Ethereum, and other major cryptocurrencies—without giving up control for a single moment.
10 Best Crypto Trading Platform for Beginners
Getting started with cryptocurrency can feel overwhelming, there are so many platforms, features, and coins to choose from. As a beginner, the right trading platform can make learning faster, safer, and less stressful. A beginner-friendly platform should be easy to use, have strong security, offer affordable fees, and provide helpful learning tools. The best options also make it simple to deposit money, buy your first coin, and track your progress. We’ve researched top crypto trading platforms for beginners, giving you the opportunity to compare features, share pros and cons, and decide which stand out. By the end, you’ll know exactly which platform fits your needs Key Takeaway What is a Crypto Trading Platform? A crypto trading platform is an online marketplace where you can buy, sell, and exchange cryptocurrencies like Bitcoin, Ethereum, and other digital assets. Think of it like a stock trading app, but instead of company shares, you’re trading coins and tokens. These platforms connect buyers and sellers, handle the transactions, and often provide tools to help you manage your trades. Some platforms are centralized (run by a company, like Coinbase or Binance), while others are decentralized (peer-to-peer, no middleman). For most beginners, centralized platforms are easier to start with because they’re more user-friendly and handle most of the technical details for you. Why platform choice matters for beginners If you’re just starting with crypto, your choice of platform can make or break your experience. When experts call a crypto platform “beginner-friendly,” they usually mean it does well in these areas: Key Features Beginners Should Compare before Choosing a Crypto Trading Platform When you’re new to crypto trading, all platforms might look similar at first glance. But a closer look at key features can help you spot the one that will make your learning curve easier and your funds safer. User Interface & Onboarding Experience A clean, simple design means you spend less time figuring out where to click and more time learning the basics. The best platforms guide you through each step, from signing up to making your first trade. Security & Trust Security should be your top priority. Look for platforms that are transparent about how they protect your money. Look for platforms with authentic cold Storage, Hot Wallets, 2FA, Withdrawal Whitelists. Fees & Pricing Structure Low fees are great, but clarity matters even more. Hidden costs can eat into your profits before you even notice. Watch out for Trading Fees, Spreads, Deposit/Withdrawal Fees, Maker/Taker. Supported Coins & Token Listings The coins a platform supports determine what you can trade. Stablecoins are pegged to a currency (e.g., USDT, USDC) to avoid big price swings. Bitcoin and Ethereum are widely traded and stable in liquidity. Altcoins are smaller projects with higher risk/reward. Liquidity & Order Execution Quality Liquidity means there’s enough buying and selling happening so you can trade quickly without affecting the price much. Platforms with high liquidity fill orders faster and at fairer prices. Customer Support and Educational Resources As a beginner, you’ll have questions. Look for platforms with 24/7 chat, email help, and beginner guides, videos, or webinars. Some even reward you with crypto for completing learning modules. Regulation & Geographic Availability Not all platforms work in every country, and some have restricted features depending on where you live. Always check if the platform is licensed or regulated in your region. KYC / Identity Verification Requirements KYC (Know Your Customer) means providing ID and personal info before you can trade. While it can feel inconvenient, it’s a legal requirement for regulated platforms and helps prevent fraud. Top Crypto Trading Platforms for Beginners Choosing your first crypto trading platform can be confusing. To make it easier, here are eight popular beginner-friendly options, each with a quick overview, pros, and cons. Trading platform Best for Trading fee Max leverage Security features Unique features UEEx Overall Best Spot Trading: 0.09% Futures Trading: 0.05%Margin Trading: 0.08 % – 0.10% Stock Trading: 1.50% 200x 93% of users’ assets in cold storageProof of Reserve2000 unique wallet addresses Fee discounts and staking rewards through its native token, $UE.Copy trading and auto-invest Coinbase clean design and simple interface Trading fees: 0.05% – 0.60% 20x 98% of users’ assets in offline storageCold storageTwo factor authentication DeFi and NFTs with Coinbase WalletPowerful tools like real-time order books, deep liquidity, and sophisticated charting Binance Low Fees and High Options 0.1000% / 0.1000% Maker / Taker for Spot and margin 125x Offline cold storage, two-factor authentication Automated trading bots and an API for custom strategies.Educational resources from Binance Academy Kraken High Security 0% – 0.40% (spot, margin, futures) 50x Advanced security measures, cold storage Advanced trading tools, futures trading Crypto. com Mobile Friendly & Rewarding Spot Trading fees: 0.2500% / 0.5000% maker/taker Proof of reserveMulti-factor authentication (MFA) DeFi tools and flexible earning options with no lock-up periods eToro Learn by Copying Trading and Deposit Fees: 1% for crypto tradersCrypto Asset Transfer Fee: 2% 30x Advanced cybersecurity measures, segregated client accounts, and regulation by trusted authorities like FCA and CySec. Innovative CopyTrader™ feature.Free $100K demo accountEasy-to-use interface for beginners and professionals alike Bitstamp Simple & Trusted 0.30% / 0.40% maker/taker (decreases as trading volume increases) N/A 95% of assets stored offline and robust encryption for personal data Powerful APIs for custom trading setupsMobile crypto app, available in multiple KuCoin Huge Coin Selection Base fee of 0.1% 125x 2FA, trading password Powerful APIs for custom trading setupsMobile crypto app, available in multiple modes Gemini Secure & Regulated Spot Trading Fees: 0.40% Taker Fee, 0.20% Maker Fee 100x Two-factor authentication and hardware security keys.Proof of reserves Gemini’s ActiveTraderIt is a full-reserve exchange and custodian UEEx: Best Overall UEEx is a reliable crypto exchange that has become popular around the world, since its launch in December 2020. Today, it serves over 1 million users across several countries. The platform offers 300+ cryptocurrencies and 230+ trading pairs, giving users plenty of options to buy, sell, or invest. UEEx also supports 10+ fiat currencies (like USD), making deposits and withdrawals simple. Safety