After 10 years of daily updates, charts, and market snapshots, we are preparing to sunset CryptoCompare’s daily newsletter on 19th December. We are so grateful you’ve started your mornings with us for so long. But as the market evolves, so must we. Going forward, CryptoCompare’s daily newsletter will be merging with CoinDesk to provide you with even deeper, institutional-grade analytics.

We would love for you to join us in this next chapter. You can keep getting the data you rely on (and more) by subscribing below. Subscribe to Crypto Long & Short here. 

Do Kwon, the co-founder of Terraform Labs and once a rising star in crypto, was sentenced to 15 years in U.S. federal prison Thursday for his role in the $40 billion collapse of TerraUSD and its sister token Luna, an event that helped kick off the 2022 crypto crash.

Coinbase has chosen Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the exclusive bridge for its suite of wrapped tokens, which represent around $7 billion in digital assets.

Klarna is working with crypto wallet provider Privy to explore adding digital asset features directly into its app, the companies said Wednesday.

Top stories in the Crypto Roundup today:

• Do Kwon Sentenced to 15 Years in Prison for $40B Terraform Crypto Fraud
• Coinbase Picks Chainlink’s CCIP to Power $7B in Cross-Chain Wrapped Tokens
• Klarna Partners With Privy to Develop Built-In Crypto Wallet Features

Do Kwon Sentenced to 15 Years in Prison for $40B Terraform Crypto Fraud

Do Kwon, the co-founder of Terraform Labs and once a rising star in crypto, was sentenced to 15 years in U.S. federal prison Thursday for his role in the $40 billion collapse of TerraUSD and its sister token Luna, an event that helped kick off the 2022 crypto crash.

U.S. District Judge Paul Engelmayer described Kwon’s actions as “a fraud of epic generational scale.” 

The sentence was longer than the 12 years prosecutors had recommended. Kwon pleaded guilty to conspiracy and wire fraud in August under a deal that also required him to forfeit $19.3 million and real estate assets.

Terraform’s crash wiped out savings for thousands of retail investors globally. In letters submitted to the court, victims described losing retirement accounts, homes and funds meant for medical care. Engelmayer said some supporters still believed in Kwon even after his plea, comparing their devotion to that of “cult followers.”

The U.S. will allow Kwon to serve part of his sentence in South Korea if he meets the terms of a transfer program. He still faces prosecution there.

Kwon was arrested in Montenegro in 2023 for using a fake passport while fleeing charges. He was later extradited to the U.S. In 2024, a Manhattan jury found Terraform and Kwon liable in a civil fraud case brought by the SEC, citing evidence that contradicted Kwon’s claims about the stability of TerraUSD and its adoption by Korean payments app Chai.

Coinbase Picks Chainlink’s CCIP to Power $7B in Cross-Chain Wrapped Tokens

Coinbase has chosen Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as the exclusive bridge for its suite of wrapped tokens, which represent around $7 billion in digital assets.

Coinbase has picked Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to power all cross-chain transfers of its wrapped tokens, the companies said.

The integration covers cbBTC, cbETH, and other Coinbase-wrapped versions of major cryptocurrencies, representing about $7 billion in assets. 

Chainlink’s CCIP uses a decentralized network of nodes to transfer assets and data between blockchains. That design avoids the common security issues tied to traditional crypto bridges, which have been frequent targets of major exploits.

Klarna Partners With Privy to Develop Built-In Crypto Wallet Features

Klarna is working with crypto wallet provider Privy to explore adding digital asset features directly into its app, the companies said Wednesday.

The project would let users store, send and possibly use crypto—including KlarnaUSD, the company’s new dollar-backed stablecoin—without needing a separate crypto platform.

Privy, which powers wallets for apps like OpenSea, will provide the infrastructure. Klarna sees the integration as a step toward making crypto tools available to everyday users, not just early adopters.

Any wallet features Klarna rolls out will require regulatory approval.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.