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'Cryptocrash king' Do Kwon pleads guilty to fraud
He has been accused of a helping to spark a cryptocurrency crisis that cost investors more than $40bn.
A South Korean former tech executive accused of a helping to spark a cryptocurrency crisis that cost investors more than $40bn (£31.8bn) has pleaded guilty to two criminal counts of fraud. They alleged that in 2021, Kwon arranged for a trading firm to surreptitiously purchase millions of dollars worth of the token to restore TerraUSD's value, even as he told investors that a computer algorithm called Terra Protocol was responsible. Prosecutors say the alleged misrepresentation prompted a wide array of investors to buy Terraform's offerings, which helped prop up the value of the company's Luna token, which was closely linked to TerraUSD.
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