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Do Kwon Pleads Guilty to US Fraud Charges In $40 Billion Crypto Collapse
Terraform Labs founder Do Kwon pleaded guilty in U.S. federal court to conspiracy to defraud and wire fraud over the $40 billion collapse of TerraUSD and Luna in 2022. Reuters reports: Kwon, 33, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, entered th...
Terraform Labs founder Do Kwon pleaded guilty in U.S. federal court to conspiracy to defraud and wire fraud over the$40 billion collapse of TerraUSD and Luna in 2022. Reuters reports: Kwon, 33, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, entered the plea at a court hearing in New York before U.S. District Judge Paul Engelmayer. Accused of misleading investors in 2021 about TerraUSD - a so-called stablecoin designed to maintain a value of $1 - Kwon pleaded guilty to the two counts under an agreement with the Manhattan U.S. Attorney's office, which brought the charges.
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