1. Introduction to the text
This reading lesson discusses the legal case of Do Hyeong Kwon, the founder of Terraform Labs, who is facing criminal charges in the United States related to the Terra/LUNA cryptocurrency collapse. The article suggests that Kwon is likely to plead guilty to the charges.
2. Vocabulary
| Korean Word | Romanization | English Meaning | Contextual Example |
|---|---|---|---|
| 권씨 | Kwon-ssi | Mr. Kwon | Kwon is likely to change his plea to guilty. |
| 재판 | jaepan | trial | Kwon is facing a criminal trial in the US. |
| 테라 | tera | Terra (cryptocurrency) | Kwon is accused of fraud related to the Terra cryptocurrency. |
| 유죄를 | yujoeul | guilty | Kwon is expected to plead guilty to the charges. |
| 혐의 | hyeomui | charges | Kwon is facing multiple charges related to the Terra collapse. |
| 형량 | hyeonglyang | sentence length | If Kwon pleads guilty, he may receive a reduced sentence. |
| 플리 바겐 | peuli bagen | plea bargain | Kwon is expected to accept a plea bargain agreement. |
| 증거자료 | jeunggeojaryeo | evidence | The prosecution has a large amount of evidence against Kwon. |
| 통신자료 | tongsinjaryeo | communication records | The prosecution needs to translate Kwon’s Korean communication records. |
| 시세조종 | sisejojong | market manipulation | Kwon is accused of manipulating the price of the Terra cryptocurrency. |
3. The main text in both Korean and English
테라 스테이블코인의 발행과 관련된 사기 혐의로 미국에서 형사재판을 받는 권도형 테라폼랩스 설립자가 유죄를 인정할 가능성이 커졌다. 권씨는 12일 오전 뉴욕 남부연방법원에 출석할 예정이며, 재판 중 입장을 바꿔 유죄를 인정할 것으로 보인다.
The founder of Terraform Labs, Do Hyeong Kwon, who is facing criminal charges in the United States related to the issuance of the Terra stablecoin, is increasingly likely to plead guilty. Kwon is scheduled to appear in the U.S. District Court for the Southern District of New York on the 12th, and it appears that he will change his position during the trial and plead guilty.
폴 엥겔마이어 판사는 11일 권씨의 재판 관련 결정문을 발표하며, 권씨가 유무죄 답변을 변경할 수 있다고 통보받았다고 밝혔다. 권씨는 지난 2023년 3월 몬테네그로에서 검거된 뒤, 미 연방검찰에 의해 증권사기, 통신망을 이용한 사기, 상품사기, 시세조종 공모 등 총 8개 혐의로 기소됐다.
Judge Paul Engelmayer announced a decision related to Kwon’s trial on the 11th, stating that he had been informed that Kwon could change his plea from not guilty to guilty. Kwon was arrested in Montenegro in March 2023 and was charged by the U.S. federal prosecutors with 8 counts, including securities fraud, wire fraud, commodities fraud, and conspiracy to manipulate the market.
이들 혐의가 모두 유죄로 인정되면, 권씨는 최대 130년 형을 받을 수 있다. 그러나 이후 ‘플리 바겐'(유죄 인정 조건의 형량 경감) 합의 조건을 받아들여 유죄를 인정할 경우, 관련 혐의에 대한 유무죄 심리가 종료되고 형량 선고 절차로 넘어가게 된다.
If all of these charges are found guilty, Kwon could face a maximum sentence of 130 years. However, if he accepts a plea bargain agreement, the trial on the charges will be concluded, and the sentencing process will begin.
검찰은 방대한 증거자료와 데이터 해독, 한국어 통신자료 번역 필요성 등을 들어 충분한 일정이 필요하다고 요청했다. 이에 따라 재판 일정이 지연될 것으로 보인다.
The prosecution requested sufficient time, citing the need to review a large amount of evidence, decode data, and translate Korean communication records. As a result, the trial schedule is expected to be delayed.
권씨는 테라 스테이블코인 시스템 붕괴 사태의 핵심 인물로 지목되고 있다. 그는 2022년 5월 테라/루나 암호화폐 시스템이 붕괴되면서 투자자들이 수십억 달러의 손실을 입자, 미국 당국에 의해 기소되었다.
Kwon is identified as a key figure in the collapse of the Terra stablecoin system. He was charged by US authorities after the Terra/LUNA cryptocurrency system collapsed in May 2022, causing investors to suffer billions of dollars in losses.
4. Reading comprehension questions
- What is Do Hyeong Kwon accused of in the US criminal case?
- What is the likely outcome of Kwon’s trial?
- What are the main charges Kwon is facing?
- How much prison time could Kwon face if convicted on all charges?
- Why is the trial schedule expected to be delayed?
5. Cultural and historical notes
The collapse of the Terra/LUNA cryptocurrency ecosystem, which was overseen by Do Hyeong Kwon, was one of the biggest crypto scandals of 2022. The failure of the Terra stablecoin and its associated cryptocurrency LUNA led to significant losses for investors around the world, sparking regulatory scrutiny and criminal investigations. Kwon’s case highlights the legal risks and consequences that can arise from mismanagement and potential fraud in the rapidly evolving cryptocurrency industry.