AFP USA

More than 20 years after founding SpaceX, the record-breaking company that transformed the global space industry, Elon Musk is planning to take the enterprise public.Here is a look at what is expected to be the largest IPO in history.- What’s at stake? -SpaceX is owned by Elon Musk alongside several investment funds. Tech giant Alphabet, Google’s parent company, is also among the space company’s shareholders.A public listing would open SpaceX to a broader and more diverse pool of investors, including individual buyers, while giving existing shareholders an easier path to cash out and realize substantial capital gains.”This is a capital intensive business,” Matthew Kennedy of Renaissance Capital investment management firm told AFP. “SpaceX has never had any difficulty raising funds in the private market, but public markets are undoubtedly larger. Liquidity is important as well, it can help with making acquisitions.”According to Bloomberg and the financial data platform PitchBook, the IPO could raise more than $30 billion, an unprecedented sum for a deal of this kind and far more than the $10 billion the company has raised since its inception.This would bring its total valuation to $1.5 trillion.- Why so much money? -The IPO comes amid a boom in the space industry.Worth $630 billion in 2023, the sector is expected to triple in size by 2035, according to the consulting firm McKinsey and the World Economic Forum.And SpaceX, which dominates the space launch market with its reusable rockets and owns the largest satellite constellation through Starlink, has a unique appeal.It’s “kind of a black swan event and unique so that we can’t draw too many parallels across the whole space economy,” Clayton Swope of the Center for Strategic and International Studies (CSIS) told AFP.Its unique status is also tied to its CEO Musk, the world’s richest person, who is also the CEO of Tesla and xAI. Musk has already pushed Tesla’s valuation far beyond that of Toyota and Volkswagen despite selling five to six times fewer vehicles.- Why now? -This is the question on everyone’s mind, as the billionaire had long dismissed such a possibility. Since its founding in 2002, SpaceX has held a special place for the billionaire, given his ambition to colonize Mars.This goal reflects the company’s priorities, which include developing Starship, the largest rocket ever built for missions to the Moon and Mars, as well as plans to build space-based data centers for artificial intelligence (AI).A stock market listing could provide new liquidity that would support all of these projects.”The answer is pretty straightforward,” said Swope. “He wants to accelerate the flywheel for his vision of humanity on Mars.”- What next? -The influx of capital from an IPO will come at a price: going public will require SpaceX and Elon Musk to maintain greater transparency, particularly about its revenues, and could increase pressure to deliver profits.”I speculate that would ground SpaceX somewhat in the near term,” said Mason Peck, an astronautical engineering professor at Cornell University.The company’s risk-taking approach of experimenting with unproven technologies and frequent prototype launches to learn from mistakes could be constrained by the expectations of new shareholders.”Will they become the same as any other aerospace company and ultimately mired in conservatism and legacy solutions?” Peck said. “That’s entirely possible. I hope it doesn’t happen.”Swope, however, sees such a scenario as unlikely.”I think they are willing to take that risk and willing to let Elon Musk and SpaceX have this vision, because that is integral to what makes SpaceX also a successful business,” he said.

Democratic lawmakers released a new cache of photos on Friday from the estate of convicted sex offender Jeffrey Epstein that includes images of US President Donald Trump and former president Bill Clinton.Other high-profile figures in the published pictures include former Trump advisor Steve Bannon, former Clinton treasury secretary Larry Summers, director Woody Allen and the ex-prince now known as Andrew Mountbatten-Windsor.Also pictured are Microsoft’s Bill Gates and the Virgin Group’s Richard Branson.Epstein’s association with the individuals in the pictures was already widely known and the undated photographs do not appear to depict any unlawful conduct.But Democrats on the House Oversight Committee said “these disturbing images raise even more questions about Epstein and his relationships with some of the most powerful men in the world.”The White House accused Democrats of releasing “cherry-picked” photos from the Epstein estate “to try and create a false narrative.””The Democrat hoax against President Trump has been repeatedly debunked,” said Abigail Jackson, a White House spokeswoman.Also among the pictures released on Friday are images of sex toys and a novelty “Trump condom” featuring a likeness of his face and the words “I’m HUUUUGE!”- Three Trump photos -There are three images of Trump in the 19 released on Friday.In one he is standing next to six women who are wearing what appear to be traditional Hawaiian leis around their necks. Their faces have been redacted.Another shows Trump, with Epstein close to him, talking to an unidentified blonde woman.The third shows Trump sitting next to a blonde woman whose face has been blacked out.The president told reporters in the Oval Office on Friday that he had not seen the photos and declared their release “no big deal.””Everybody knew this man, he was all over Palm Beach,” Trump said, referring to the Florida community where his Mar-a-Lago resort is located.”There are hundreds and hundreds of people that have photos with him. So, that’s no big deal,” Trump said. “I know nothing about it.”Former president Clinton is also pictured with Epstein and Ghislaine Maxwell, who is serving a 20-year prison sentence for sex trafficking a minor and other offenses, and two other unidentified people.Epstein, a successful financier, cultivated rich and powerful friends, and frequently hosted them at his lavish Caribbean home.He was convicted in Florida in 2008 on two sex crime counts, including solicitation of prostitution with a minor.He served about a year in detention with unusually lenient conditions and avoided more serious charges until 2019, when he was arrested in New York and charged with sex trafficking of minors.He died in pre-trial detention the same year and the death was ruled to be a suicide.- Epstein files -The Department of Justice has been ordered by Congress to release its files on the sprawling investigation into Epstein by December 19.Trump fought for months to prevent release of the Epstein files but he caved last month to pressure from Congress, including from lawmakers in his Republican Party, and signed a law compelling release of the materials.It remains to be seen how many of the extensive files will see the light of day, with authorities likely to cite the need to protect ongoing investigations.Trump and his allies spent years pushing theories about powerful Democrats being protected over involvement with Epstein, framing the case as a potent symbol of how rich men can hide behind lawyers, money and connections.But Trump himself was a longtime friend of Epstein, raising questions over what he knew about the notorious figure.After starting his second presidential term in January, Trump switched from having called for publication of the Epstein files to branding the scandal a “hoax” and resisting any release.

Lawyers for the man accused of gunning down a health insurance executive on a Manhattan street have been in court seeking to have key pieces of evidence ruled inadmissible at his trial.Over two weeks, the hearings have shined a light on the events that led police to locate and arrest Luigi Mangione, 27, in Altoona, a small Pennsylvania town 300 miles (480 kilometers) from New York.Here are five things we learned:- Call to cops -US authorities circulated images of the suspected shooter of UnitedHealthcare executive Brian Thompson far and wide as they pursued a days-long manhunt.The manager of a McDonald’s in Altoona called 911 after customers claimed a man matching that description was in the burger restaurant on the morning of December 9, 2024 — five days after the killing outside an investor conference.”I have a customer here that some other customers were suspicious of that he looks like the CEO shooter from New York,” the store manager says in the emergency call that was played to the Manhattan court.- Mangione in McDonald’s – Minutes later, two officers arrived at the branch. Body-worn camera footage shows Mangione wearing a blue surgical mask and tan beanie surrounded by fast food. The officers tell him he is suspicious because he has been loitering for too long.One of the officers, Joseph Detwiler, tells a superior he is “100 percent sure” the man is the suspect in the New York shooting and that Mangione is “nervous as hell.””I knew it was him immediately,” Detwiler told the court, which was shown an array of new evidence including footage of the shooting and Mangione’s alleged “to-do” list.He also told the court it was suspicious Mangione wore a surgical covering as “we don’t wear masks… we have antibodies.”In the footage, the officers ask for Mangione’s ID and he produces a New Jersey driving license in the name of Mark Rosario, found to be fake.”I clearly shouldn’t have” used the fake ID, Mangione tells the officers as Christmas hits are heard in the background at the restaurant. An enlargement of the license was shown to the court.While the officers are in the process of verifying the photocard, they attempt to question him — even after he indicates he does not want to answer any further questions.- Police detain Mangione, eventually -Footage shows that police continued to trickle into the burger restaurant, blocking Mangione’s path to the door — even before he had formally been detained or arrested.”I don’t know what you guys are up to. I’m just going to wait,” he says as he continues to eat. Mangione’s lawyers argue that the answers to questions he gave before he was formally read his right to remain silent should not be shared with jurors.A police supervisor finally decides to put Mangione in custody after almost an hour.- Bullets in bag -Footage shows Officer Christy Wasser searching Mangione’s backpack in which she finds an ammunition clip.”I walked over and picked up his backpack…it was heavy,” Wasser told the court while Mangione looked down, flanked by his lawyers.After Mangione is marked as “in custody,” Wasser puts on blue latex gloves and is seen rifling through the suspect’s belongings, checking for a bomb in his bag.”Make sure there’s nothing in there that’s gonna…” she says before grimacing and referencing a former colleague who brought a bomb back to the police station.Wasser then pulls out wet grey underwear from Mangione’s bag.”When I opened it up it was a magazine,” that was fully loaded, she told the court.At the police station a gun and a silencer were found in the backpack, along with what prosecutors say was a manifesto about the US insurance industry. On whether she needed a judge’s permission to search the bag, Wasser told the court she was advised they didn’t need one.- Strip search – Officers told the court they subjected Mangione to an “in-depth” strip search.Officers also asked him if he was married, had all his teeth and for an emergency family contact.They itemized his property that included a jar of Skippy peanut butter, a USB drive on a necklace and a “to-do” list with entries including “intel” check and purchasing camera equipment from Best Buy.No date has been fixed for the New York state trial of Mangione. He faces life imprisonment without parole. He also faces a separate charge in federal that carries a possible death penalty.

The US admiral responsible for overseeing a major military buildup in the Caribbean and controversial strikes on alleged drug-smuggling boats stepped down on Friday just a year into his tenure.Admiral Alvin Holsey announced in mid-October that he would leave his position as head of US Southern Command, which is responsible for American forces operating in Central and South America.Holsey had reportedly expressed concerns about the boat strikes, but neither he nor Pentagon chief Pete Hegseth have publicly provided a reason for his early departure.In his remarks during a ceremony marking his relinquishment of command, the admiral emphasized the importance of supporting nations that believe in democracy and human rights.”We must always be there for like-minded partners, like-minded nations who share our values — democracy, rule of law and human rights,” Holsey said.The United States has amassed a huge flotilla of warships in the Caribbean as part of what Washington bills as counter-narcotics efforts, and has since September carried out strikes targeting alleged drug-smuggling vessels that have left nearly 90 people dead.Trump’s administration insists it is effectively at war with alleged “narco-terrorists,” but experts say the strikes on the boats amount to extrajudicial killings even if they target known traffickers.The first strike, which took place on September 2, is especially controversial, as two survivors of the initial attack were killed in a subsequent hit.Regional tensions have flared as a result of the strikes and the military buildup, with Venezuela’s leftist leader Nicolas Maduro accusing Washington of using drug trafficking as a pretext for regime change in Caracas.Now responsible for both the campaign of boat strikes and efforts to pressure Maduro is Air Force Lieutenant General Evan Pettus, who said he was “humbled” to take on the role in an acting capacity.Since beginning his second White House term in January, President Donald Trump has overseen a purge of top military officers, including the chairman of the Joint Chiefs of Staff, general Charles “CQ” Brown, whom he fired without explanation in February.Hegseth has insisted the president is simply choosing the leaders he wants, but Democratic lawmakers have raised concerns about the potential politicization of the traditionally neutral US military.

US President Donald Trump said Thursday he would “pardon” a Colorado official jailed on charges linked to efforts to overturn the 2020 presidential election. Tina Peters, a former official in Colorado’s Mesa County, was sentenced in October 2024 for allowing an unauthorized Trump supporter to access confidential voting information several months after the 2020 election won by Democrat Joe Biden. The man was seeking to prove election fraud as part of a conspiracy theory touted by Trump that the vote was rigged. “Democrats have been relentless in their targeting of TINA PETERS, a Patriot who simply wanted to make sure that our Elections were Fair and Honest,” Trump said in a post on social media Thursday. “I am granting Tina a full Pardon for her attempts to expose Voter Fraud in the Rigged 2020 Presidential Election!” Peters is jailed under state charges, making her ineligible for a presidential pardon. She was sentenced to nine years in prison. Democratic Colorado Governor Jared Polis criticized the move saying Peters “was convicted by a jury of her peers, prosecuted by a Republican District Attorney, and found guilty of violating Colorado state laws, including criminal impersonation.” “No President has jurisdiction over state law nor the power to pardon a person for state convictions,” Polis said in a social media post Thursday. “This is a matter for the courts to decide, and we will abide by court orders.” Shortly after his inauguration in January, Trump offered pardons to everybody convicted in the Capitol riot of January 6, 2021.

French indie title “Clair Obscur: Expedition 33″ dominated the annual Game Awards in Los Angeles, winning a record of nine categories including best video game of the year.”What a weird timeline for us,” Guillaume Broche of video game studio Sandfall Interactive quipped, thanking his team as he accepted the top award.”And also I want to extend thanks to the unsung heroes of this industry — the people who make tutorials on YouTube on how to make a game — because we had no idea how to make a game before.””Clair Obscur,” Sandfall’s first game, tells the story of a group of characters battling seemingly impossible odds in a post-apocalyptic universe with a distinctively French visual style.It was nominated in a record number of categories, winning many despite squaring up against heavyweights like “Death Stranding 2” from industry legend Hideo Kojima of “Metal Gear Solid” fame and “Donkey Kong Bananza” from Nintendo.”Clair Obscur” began in 2020 as a project of Broche, a developer at French gaming giant Ubisoft.He brought ex-colleague Tom Guillermin on board to create the small studio that same year in the French city of Montpellier.- ‘Thank you to the players’ -They struck a publishing deal in 2022 with UK-based Kepler Interactive, which provided funding for the project.Some 5 million copies of “Clair Obscur” have been snapped up since its release in April of this year.”This is a passion project into which we poured our heart and soul,” Broche said, surrounded by members of his team in a video sent by Sandfall to AFP.”To be rewarded like this is just wonderful!”Broche gave a “massive thank you” to players during the ceremony.The grassroots popularity of “Clair Obscur” has seen fans attend conventions and game fairs wearing a striped mariner’s shirt and red beret — one of the most stereotypically French outfits players can dress their characters in.The action game follows a small group of characters seeking to defeat a powerful entity threatening their home city Lumiere — which bears a striking resemblance to Belle Epoque Paris.Inspired by Japanese games such as the long-running “Final Fantasy” franchise, the French title is a role-playing game offering turn-based combat against monsters inhabiting the world.Its popularity was founded on the story’s emotional depth and endearing characters married with original gameplay, which introduced reactive rhythm-based elements to parry enemies’ attacks.Sandfall “managed to present something really polished and go toe-to-toe with major titles,” industry specialist Benoit Reinier told AFP at the time of the game’s release.The music of “Clair Obscur” stuck in many players’ heads and played an outsized role in their immersion into its universe.Winning categories for the game included narrative, role playing, and music score.French President Emmanuel Macron hailed the team in May, thanking them for “putting the spotlight on French-style boldness and creativity.”There are also plans to bring the “Expedition 33” story to the big screen.The awards show was streamed on 30 platforms, including Amazon Prime for the first time.It was packed with trailers or coming games including “Star Wars” and “Tomb Raider” titles as well as appearances by celebrities including Jason Momoa, who is among the actors in a film based on “Street Fighter” set for release next year.”The games nominated this year were created by teams from all over the world,” said Nicolas Doucet, founder of Team Asobi that won top game last year with “Astro Bot”.”This is a testament that our industry feeds from various world cultures and, in this day and age, is something we should really, really appreciate and celebrate.”

Beijing’s actions are “not conducive to regional peace”, Japan’s defence minister and US counterpart Pete Hegseth agreed during a call after Chinese aircraft locked radar on Japanese jets near Taiwan, Tokyo said Friday.The December 6 radar incident came after comments by Prime Minister Sanae Takaichi on Taiwan that infuriated China.It was followed this week by Chinese-Russian air patrols around Japan.Hegseth and Shinjiro Koizumi “exchanged candid views on the increasingly severe security situation in the Indo-Pacific region, including the radar incident”, the Japanese defence ministry said after the call.They “expressed serious concern over any actions to increase regional tensions, as China’s actions are not conducive to regional peace and stability”, the statement added.Koizumi said on X he told Hegseth that China was “disseminating information that is completely contrary to the facts” about the radar incident.”However, Japan has made clear that it does not seek escalation and that we are responding calmly while making necessary rebuttals, and we are keeping the door open for dialogue,” Koizumi added.Hegseth’s office said they had “discussed… China’s military activities” among other issues including “Japan’s efforts to increase its defense spending and strengthen its capabilities”.- ‘Tactical exercises’ -Takaichi had indicated on November 7 that Japan would intervene with military force in any Chinese attack on Taiwan, which Beijing claims as its own and has not ruled out seizing by force.Media reports on Friday reinforced suggestions that her comments in a parliamentary debate were unplanned and that she deviated from prepared remarks.Last week, J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft that had scrambled in international waters near Okinawa, according to Japan.Fighter jets use their radar for fire control to identify targets as well as for search and rescue operations.But China’s foreign ministry on Wednesday accused Japan of sending the jets “to intrude into the Chinese training area without authorisation, conduct close-range reconnaissance and harassment, create tense situations, and… maliciously hype up the situation”.On Tuesday two Russian Tu-95 nuclear-capable bombers flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country, Japan said.Japan said that it scrambled fighter jets in response.A day later, Japan and the United States air forces conducted their own joint air drills, Tokyo said.The “tactical exercises” over the Sea of Japan involved two US B52 bombers, three Japanese F-35 fighter jets and three Japanese F-15s, Tokyo said.South Korea said Tuesday that Russian and Chinese warplanes also entered its air defence zone, with Seoul also deploying fighter jets that same day.Beijing confirmed on Tuesday that it had organised drills with Russia’s military according to “annual cooperation plans”.Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.

French indie title “Clair Obscur: Expedition 33″ dominated the annual Game Awards in Los Angeles, winning a record of nine categories including best video game of the year.”What a weird timeline for us,” Guillaume Broche of video game studio Sandfall Interactive quipped, thanking his team as he accepted the top award.”And also I want to extend thanks to the unsung heroes of this industry — the people who make tutorials on YouTube on how to make a game —  because we had no idea how to make a game before.””Clair Obscur,” the first game from Sandfall Interactive, tells the story of a group of characters battling seemingly impossible odds in a post-apocalyptic universe with a distinctively French visual style.It was nominated in a record number of categories, winning many despite squaring up against heavyweights like “Death Stranding 2” from industry legend Hideo Kojima of “Metal Gear Solid” fame, or Nintendo’s “Donkey Kong Bananza” starring the eponymous gorilla.”Clair Obscur” began in 2020 as a project of Broche, a developer at French games giant Ubisoft.He brought ex-colleague Tom Guillermin on board to create the small studio that same year in the French city of Montpellier.- ‘Thank you to the players’ -They struck a publishing deal in 2022 with UK-based Kepler, which provided funding for the project.Some 5 million copies of “Clair Obscur” have been snapped up since its realease in April of this year.”This was supposed to be a joke; I have no idea what’s happening,” Broche joked.”Just a massive ‘thank you’ to the players.”The grassroots popularity of “Clair Obscur” has manifested in fans attending conventions and video game fairs wearing a striped mariner’s shirt and red beret — one of the most stereotypically French outfits players can equip for their characters.The action game follows a small group of characters seeking to defeat a powerful entity threatening their home city Lumiere — which bears a striking resemblance to Belle Epoque Paris.Inspired by Japanese games such as the long-running Final Fantasy saga, the French title is a role-playing game offering turn-based combat against the monsters inhabiting the world.Its popularity was founded on the story’s emotional depth and endearing characters married with original gameplay, which introduced reactive rhythm-based elements to parry enemies’ attacks.Sandhill “managed to present something really polished and go toe-to-toe with major titles,” industry specialist Benoit Reinier told AFP at the time of the game’s release.At just 30 people for most of its development, the team behind “Clair Obscur” was far smaller than typical blockbuster studios.Broche said they brought everyone from Sandhill to Los Angeles to celebrate the awards.The music of “Clair Obscur” stuck in many players’ heads and played an outsize part in their immersion into its universe.Winning categories for the game included narrative, role playing, and music score.French President Emmanuel Macron hailed the team in May, thanking them for “putting the spotlight on French-style boldness and creativity.”There are also plans to bring the “Expedition 33” story to the big screen.

Walt Disney and OpenAI announced a three-year licensing deal Thursday that will allow users to create short videos featuring beloved Disney characters through artificial intelligence.The deal marks the first time a major entertainment company has embraced generative AI at this scale, licensing its fiercely protected characters—from Mickey Mouse to Marvel superheroes and Star Wars’s Darth Vader—for AI content creation.The partnership represents a dramatic shift for an industry that has largely been battling AI companies in court.Disney and other creative industry giants have been suing AI firms like OpenAI, Perplexity and Anthropic, accusing them of illegally using their content to train their technology.The entertainment giant continued that legal campaign on Wednesday, separately sending a cease-and-desist letter to Google over the illegal use of its intellectual property to train the search engine giant’s AI models.For OpenAI, the deal comes as it faces increasing questions about the sustainability of its business model, with costs skyrocketing far faster than revenue—despite nearing one billion users worldwide.Under the agreement, fans will be able to produce and share AI-generated content featuring more than 200 characters from Disney, Marvel, Pixar and Star Wars franchises on OpenAI’s Sora video generation platform and ChatGPT.Launched at the end of September, Sora aims to be a TikTok-like social network where only AI-generated videos can be posted.From the outset, many videos have included characters directly inspired by real cartoons and video games, from South Park to Pokémon.Facing license-holder anger, CEO Sam Altman promised OpenAI would offer rights holders more control to put a stop to these AI copies.The partnership includes a $1 billion equity investment by Disney in OpenAI, along with warrants to purchase additional shares in the ChatGPT maker.Disney shares rose more than 2% Thursday after the announcement.Disney CEO Robert Iger said the collaboration would “thoughtfully and responsibly extend the reach of our storytelling.”Characters available for fan creations will include Mickey Mouse, Minnie Mouse, Elsa from Frozen, and Marvel heroes like Iron Man and Captain America, as well as Star Wars icons including Darth Vader and Yoda.The agreement excludes talent likenesses and voices from actors amid deep concern in Hollywood about the impact of AI.”This does not in any way represent a threat to the creators at all—in fact the opposite. I think it honors them and respects them, in part because there’s a license fee associated with it,” Iger told CNBC.Hollywood’s leading actors union, SAG-AFTRA, said it would “closely monitor” the deal’s implementation, while the Writers Guild of America said it will meet with Disney to probe the terms and underlined that OpenAI had stolen “vast libraries” of studio content to train its technology.- 30 seconds -Iger, in a joint interview with Altman on CNBC, insisted the deal only includes videos no longer than 30 seconds and the technology wouldn’t be used for longer-form productions.Beyond licensing, Disney will deploy OpenAI’s technology to build new products and experiences for Disney+, the streaming platform.”Disney is the global gold standard for storytelling,” Altman said. “This agreement shows how AI companies and creative leaders can work together responsibly.”Both companies emphasized their commitment to responsible AI use, with OpenAI pledging age-appropriate policies and controls to prevent illegal or harmful content generation.In Disney’s complaint against Google, OpenAI’s biggest rival in the AI space, the entertainment giant accuses Google of infringing Disney’s copyrights on a massive scale by copying a large corpus of content without authorization to train and develop AI models and services.”We’ve been aggressive at protecting our IP, and we’ve gone after other companies that have not valued it, and this is another example of us doing just that,” Iger told CNBC.

A US court sentenced cryptocurrency tycoon Do Kwon to 15 years in prison Thursday over fraud linked to his company’s failure, which wiped out $40 billion of investors’ money and shook global crypto markets.Kwon, who nurtured two digital currencies central to the bankruptcy, was sentenced at the New York court where he pleaded guilty in August after an international manhunt spanning Asia and Europe.He still faces fraud charges in his native South Korea.The 34-year-old’s Terraform Labs created a cryptocurrency called TerraUSD that was marketed as a “stablecoin,” a token that is pegged to stable assets such as the US dollar to prevent drastic fluctuations.Kwon successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.He was flooded with praise in South Korean media, which described him as a “genius” as thousands of private investors lined up to pour cash into his company.And in 2019, Kwon featured in Forbes magazine’s 30 under 30 Asia list.But despite billions in investments, TerraUSD and its sister token Luna went into a death spiral in May 2022.Experts said Kwon had set up a glorified pyramid scheme, in which many investors lost their life savings.He left South Korea before the crash and spent months on the run.The crypto tycoon was arrested in March 2023 at the airport in Podgorica, the Montenegrin capital, while preparing to board a flight to Dubai, in possession of a fake Costa Rican passport.He was extradited last year from Montenegro to the United States. – ‘Elaborate schemes’ -After Kwon’s sentencing Thursday, US prosecutors detailed how he made fraudulent claims about his business to lure in buyers, including American investment firms. At its peak in the spring of 2022, the total market value of TerraUSD and Luna exceeded $50 billion. “Do Kwon devised elaborate schemes to mislead investors and inflate the value of Terraform’s cryptocurrencies for his own benefit,” US Attorney Jay Clayton said in a statement.When it all came crashing down, Clayton’s office said in a press release, Kwon sought to obtain “political protection” from several countries.It cited a recorded conversation in which he told an associate that his strategy of dealing with authorities investigating the collapse was to “tell them to fuck off.” Alongside his prison term, Kwon was ordered to forfeit over $19 million in proceeds from his illegal schemes.The US Justice Department said in a court filing that he could be allowed to complete his sentence in South Korea, provided at least half of it is served in the United States.Cryptocurrencies have come under increasing scrutiny from regulators after a string of controversies in recent years, including the high-profile collapses of exchanges.Kwon’s impressive rise and precipitous fall has been compared to convicted American fraudster Elizabeth Holmes, the disgraced founder of the medical technology startup Theranos.