A former crypto entrepreneur who was behind two digital currencies that collapsed and lost an estimated $40bn ($29.9bn) has been sentenced by a New York judge to 15 years in prison for an “epic” fraud.

Do Kwon, a South Korean national, was co-founder of Singapore-based Terraform Labs, which developed the TerraUSD and Luna digital coins.

Kwon had admitted misleading investors about TerraUSD, a so-called stablecoin that was supposed to maintain its value against the US dollar.

He was one of a number of crypto bosses to face charges in the US after digital tokens slumped in 2022, triggering the failure of several companies.

US District Judge Paul A Engelmayer, who handed down the sentence, said the Stanford graduate had repeatedly lied to investors who trusted him with their money.

“This was a fraud on an epic, generational scale,” he said during Thursday’s court hearing in Manhattan.

“In the history of federal prosecutions, there are few frauds that have caused as much harm as you have.”

Kwon – who pleaded guilty in August to conspiracy to defraud and wire fraud – expressed remorse to the judge.

“I have spent almost every waking moment of the last few years thinking of what I could have done different and what I can do now to make things right,” he said.

Prosecutors alleged that when TerraUSD fell below its $1 peg in May 2021, Kwon told investors that a computer algorithm had restored its value.

Instead, Kwon had arranged for a trading firm to secretly buy millions of dollars of the coin to artificially boost its value, according to court documents.

New Delhi: Mexico has joined the growing list of countries imposing heavy tariffs on Asian imports. Just four months after the United States imposed 50% duties on Indian products, Mexico too approved levies of up to 50% on select goods from several nations, including India, China, South Korea, Thailand and Indonesia. These tariffs are set to come into effect from January 1, 2026.

According to the Mexican daily El Universal, the affected products include auto parts, light cars, clothing, plastics, steel, household appliances, toys, textiles, furniture, footwear, leather goods, paper, cardboard, motorcycles, aluminum, trailers, glass, soaps, perfumes and cosmetics.

The move is primarily aimed at protecting domestic producers and reducing the country’s dependency on imports from Asia.

Why Mexico Is Taking This Step

The Mexican government’s strategy is to bolster domestic production while reducing reliance on imports, particularly from China, which holds a substantial trade imbalance with Mexico.

China, in response, issued a statement on Thursday (December 11), stating that it “always opposes unilateral tariff hikes in all forms” and urged Mexico to “correct its wrong practices of unilateralism and protectionism at an early date”.

The tariffs are expected to generate an additional revenue of roughly US $3.8 billion (around Rs 33,910 crore) for Mexico.

President Claudia Sheinbaum has also emphasised that supporting domestic industries is a way to create jobs. “We believe that supporting (Mexican) industry is to create jobs,” said Deputy Ricardo Monreal, Morena’s leader in the Chamber of Deputies, according to mexiconewsdaily.com.

Economic analysts, however, suggest there may be a geopolitical dimension as well. El Financier, a Mexican economic outlet, states that the tariffs could be part of Mexico’s efforts to align with the United States ahead of the upcoming US-Mexico-Canada trade review.

Impact On India’s Exports

India is likely to feel the impact immediately, particularly in the automobile sector. The new duties will affect around $1 billion worth of Indian exports to Mexico, including vehicles from major manufacturers like Volkswagen, Hyundai, Nissan, and Maruti Suzuki, Reuters reported.

The import duty on cars will rise from 20% to 50%, a major blow to exporters in one of India’s important overseas markets.

“The proposed tariff hike is expected to have a direct impact on Indian automobile exports to Mexico…we seek Government of India’s support to kindly engage with the Mexican government,” the industry body wrote to the Ministry of Commerce before the tariffs were finalised.

Mexico ranks as India’s third-largest car export market after South Africa and Saudi Arabia. With the new levies, exporters may have to rethink pricing strategies and supply chains to maintain competitiveness.

As Mexico takes steps to protect its domestic industries, exporters from India and other affected Asian nations will have to navigate a challenging trade landscape, while policymakers look for diplomatic solutions to preserve market access.

New Railway Stations in Delhi: People living in Delhi and the National Capital Region (NCR) may soon have a new routine when it comes to catching long-distance trains. The Railway Ministry has indicated that two important stations in the city, Safdarjung and Bijwasan, are being redeveloped, and passengers might be asked to board trains from here in the near future instead of the crowded New Delhi station.

For many, these stations could turn out to be closer to home, saving both time and the stress of travelling across the city.

At present, most NCR residents have to make their way to New Delhi Railway Station, no matter where they live. That may no longer be the case. Both Safdarjung and Bijwasan stations are in the final stages of redevelopment, and officials say they are expected to be ready by March 2025.

Once they operational, a number of trains may be reallocated from the main station.

These upgrades are part of the Amrit Bharat Station Scheme, under which 13 stations in the Delhi Division are being modernised. Safdarjung and Bijwasan are among the most important of them, and the work on both is almost complete. As soon as the finishing rounds are done, they will be opened to the public.

What Makes These Two Stations Important

Bijwasan is set to become Delhi’s fifth-largest railway station, after New Delhi, Old Delhi, Hazrat Nizamuddin and Anand Vihar. Once opened, it will have seven platforms and is expected to ease a heavy load from New Delhi station.

One of its biggest strengths will be its connectivity. Plans include a skywalk that links the station directly to metro lines and parking zones, allowing passengers to reach the platforms without dealing with traffic on the roads outside. Officials believe this will make travel easier for a large number of daily commuters.

Safdarjung Railway Station, on the other hand, is being designed as a mixed-use space. It will include about 2,200 office units, turning the station into a commercial hub. People working there will be able to walk straight from their office building to the platforms.

Railway officials say this will be the first station in the country designed to function simultaneously as a business centre and a point of train boarding.

Why Trains May Move From New Delhi Station

Redevelopment work at New Delhi station has already begun. At the moment, the activity is concentrated on the outer areas of the complex. But once work moves closer to the tracks, train operations will have to be temporarily relocated.

During that period, a good number of trains are likely to be moved to Safdarjung and Bijwasan. According to the ministry, Bijwasan could handle trains heading towards Haryana, Rajasthan, Gujarat and other parts of western India. Safdarjung is being considered for trains going towards Howrah, Jammu and Lucknow.

How It Will Help NCR Residents

Large numbers of people from Delhi and NCR presently board trains from New Delhi station for long-distance travel. Many of them actually live closer to Safdarjung or Bijwasan but still have to travel all the way to the city centre.

Once the shift begins, these passengers will be able to board trains from a station near their home. This will save them an extra trip across Delhi and reduce the rush at the New Delhi station as well.