Wed, 13 Aug 2025

Wed, 13 Aug 2025 'Cryptocrash king' Do Kwon pleads guilty to fraud

The South Korean former tech executive co-founded Singapore-based cryptocurrency firm Terraform Labs.
Former tech executive Do Kwon, accused of contributing to a $40 billion cryptocurrency crisis, has pleaded guilty to two counts of fraud. Kwon was CEO of Terraform Labs, which operated cryptocurrencies TerraUSD and Luna that collapsed in 2022, triggering a wider market sell-off. The US alleges he orchestrated a "multi-billion dollar crypto asset securities fraud" by misrepresenting features of the stablecoin TerraUSD. As part of his plea deal, prosecutors will not seek a sentence longer than 12 years. Kwon is due to be sentenced on December 11 and must forfeit up to $19.3 million, pay restitution, and waive his right to challenge allegations in the indictment.
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