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Title: Do Kwon Pleads Guilty to US Fraud Charges In $40 Billion Crypto
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Link: https://yro.slashdot.org/story/25/08/12/21422...

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. 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 U.S. Attorney's office, which brought the
charges. He faces up to 25 years in prison when Engelmayer sentences him on
December 11, though prosecutor Kimberly Ravener said the government had
agreed to advocate for a prison term of no more than 12 years provided he
accepts responsibility for his crimes. "I made false and misleading
statements about why it regained its peg by failing to disclose a trading
firm's role in restoring that peg," Kwon said in court. "What I did was
wrong."

Read more of this story at Slashdot.

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