33-year-old crypto mogul pleads guilty over $61 billion collapse
Terraform co-founder Do Kwon pleaded guilty to charges in a US fraud prosecution tied to the $US40 billion ($61 billion) collapse of the TerraUSD stablecoin in 2022.
Kwon pleaded guilty to conspiracy and wire fraud under an agreement with prosecutors at a hearing in New York on Tuesday. The 33-year-old, dressed in a yellow prison jumpsuit, also agreed to forfeit $US19.3 million and some properties as part of the plea deal.
Do Kwon, 33, the co-founder and chief executive officer of Terraform Labs.Credit: Bloomberg
“I knowingly agreed with others to defraud, and did in fact defraud, purchasers of cryptocurrencies issued by my company, Terraform Labs,” Kwon said, reading from a statement. “What I did was wrong and I want to apologise…
