Do Kwon Pleads Guilty in TerraUSD Collapse Fraud Case
Do Kwon, the South Korean entrepreneur often called the "cryptocurrency king," has pleaded guilty in a Manhattan federal court to two counts of fraud linked to the dramatic $40 billion collapse of Terraform Labs. The charges include conspiracy to commit commodities, securities, and wire fraud, as well as a separate count of wire fraud.
Terraform Labs, co-founded by Kwon, launched the stablecoin TerraUSD, which was widely marketed as a secure and reliable investment option. However, in May 2022, TerraUSD and its companion token Luna collapsed, causing massive financial losses for investors worldwide.
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