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Do Kwon pleads guilty to US fraud charges in $40 billion crypto collapse - REUTERS
Summary
- Kwon pleads guilty to conspiracy to defraud and wire fraud
- Terraform Labs founder accused of misleading crypto investors
- South Korean entrepreneur faces up to 25 years in prison
NEW YORK, Aug 12 (Reuters) - Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded guilty on Tuesday to two U.S. 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 court hearing in New York before U.S. District Judge Paul Engelmayer.
