Crypto mogul Do Kwon pleads guilty to fraud for $40bn market collapse | Technology
Do Kwon, the South Korean entrepreneur behind two cryptocurrencies that lost an estimated $40bn in 2022 and caused the market to implode, pleaded guilty on Tuesday to two US charges of conspiracy to defraud and wire fraud.
Kwon, 33, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, entered the plea at a federal court hearing in New York. He had pleaded not guilty in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money-laundering conspiracy.
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 US…
