Do Kwon Expected to Plead Guilty in $40 Billion Terra Crash

Do Kwon, the man behind the collapsed cryptocurrency project #Terra , is expected to plead guilty in a New York court. He has pleaded not guilty to US criminal charges related to the project's collapse in 2022, which resulted in a loss of $40 billion.

The Fall of an Empire

Terra, founded by Do Kwon, has two main products: the LUNA token and the algorithmic stablecoin TerraUSD (#UST ). The project promised huge profits, attracting many investors and making LUNA one of the most valuable cryptocurrencies on the market.

However, when UST lost its peg to the USD, the entire ecosystem collapsed, causing a deep financial crisis. Authorities accuse Kwon of defrauding investors to enrich himself.

Aftermath and Legal Case

Do Kwon is facing nine criminal charges in the United States, including securities fraud, wire fraud, and conspiracy to launder money. Terra’s collapse not only hurt investors, but also sparked a brutal bear market that has bankrupted many other crypto companies.

#DoKwon ’s potential guilty plea marks a major turning point in the case and could spell the end of one of the biggest scandals in crypto history.