Do Kwon, crypto entrepreneur who caused 2022 market crash, pleads guilty to fraud
SAN FRANCISCO – Do Kwon, a cryptocurrency entrepreneur who designed a pair of digital currencies that failed spectacularly in 2022, triggering a market meltdown, pleaded guilty on Aug 12 to two counts of fraud.
At a hearing in federal court in New York,
Kwon pleaded guilty to one count of conspiracy to commit commodities fraud, securities fraud and wire fraud, and one count of committing wire fraud, according to court records. Judge Paul A. Engelmayer agreed to the defendant’s plea, according to a spokesperson for the US attorney’s office in Manhattan.
Kwon agreed to forfeit more than US$19 million (S$24.4 million) in proceeds from his crypto dealings, Mr Biase said.
If the judge decides to enforce the maximum penalty, Kwon could…
