Newscasts - Crypto Weekly: Do Kwon's 'epic fraud', Juventus turns down Tether

Juventus FC SpA

18/12/2025 12:03

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Source: 'Reuters - Business videos'

Description: From TerraUSD creator Do Kwon's jail time for 'epic fraud', to Italian soccer club Juventus saying 'no' to a Tether takeover bid, Francis Maguire rounds up the latest news in the world of crypto.

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Video Transcript:

From an epic fraud to an Italian soccer giant rejecting Tether, this is Crypto Weekly. The creator of TerraUSD was sentenced to 15 years in prison for what a judge called "epic fraud." South Korea's Do Kwon was the crypto entrepreneur behind the TerraUSD and Luna tokens that lost an estimated $40 billion in 2022. The US judge who sentenced Kwon said he'd repeatedly lied to everyday investors who trusted him with their life savings. The 34-year-old Kwon admitted he misled investors over TerraUSD as so-called stablecoin meant to stay at $1 in value. Italian soccer giant Juventus turned down a takeover bid from crypto group Tether. The bid valued the country's most successful soccer club at just over $1.2 billion. The Agnelli family's holding company, Exor said it had no intention of selling any of its shares in the Turin based club. Tether is headquartered in El Salvador and run by Italian Paolo Ardoino, who is a Juventus supporter. Coinbase hired former British Finance Minister George Osborne to run its Internal Advisory Council. The crypto exchange wants to grow its influence with governments beyond the US, including the UK and EU. Coinbase has become a major lobbying force in the US in recent years. The update came in the same week OpenAI also announced it had hired Osborne to help its overseas data center expansion. Britain's finance ministry said it will start regulating crypto assets from October 2027. It said it hopes to give the industry certainty while keeping out criminals. The new law will extend existing financial regulation to companies involved in crypto. The move aligns Britain with the US rather than the EU, which has built rules tailored to the industry. And crypto giants, including Ripple and Circle, received preliminary approval to establish national trust banks. The decision came from a top US banking regulator who still needs to give final permission. The move could further integrate digital assets into the banking system if it goes ahead. The national trust bank charters would allow the companies to manage and hold assets on behalf of customers and settle payments faster, but the license doesn't allow the companies to take cash deposits or make loans.