Do Kwon's Sentencing Hearing Drags On Amidst Avalanche of Victim Testimony
On December 11, 2025, SDNY District Judge Paul Engelmeyer presided over the sentencing hearing of Do Kwon in New York. Prosecutors submitted 315 victim impact statements to the court and defense only 24 hours before the hearing, leading the judge to criticize the late disclosure. Judge Engelmeyer offered to postpone the hearing by up to six weeks to allow time to review the new statements, but Kwon and his lawyers declined, citing that victims had traveled from across the world and waiving their right to appeal on the basis of late disclosure.
The judge admonished prosecutors for failing to provide earlier notice to victims and for the last-minute filing, calling the process disrespectful to both victims and the defense. The victim statements detailed severe financial and personal hardship resulting from the Terra/LUNA collapse in May 2022, which wiped out roughly $50 billion from the cryptocurrency ecosystem.
Notable testimonies included Chauncey St. John, who recounted harm to Angel Protocol and his family finances, expressing forgiveness towards Kwon. Another victim, Stanislav Trofinchuk from Ukraine, described his personal devastation, while a Russian woman who invested $81,000 saw her investment dwindle to just $13, leaving her homeless in Tbilisi.
Throughout the hearing, Kwon appeared gaunt and unmoved. The sentencing date remains undecided as the session continued after lunch, with the court still weighing the extensive victim testimony.
