🚨 Terraform Labs founder Do Kwon faces US charges in $40 billion crypto fraud 🚨

🌍 Do Kwon, the founder of Terraform Labs, is reportedly facing fraud charges in the United States. Kwon, known for creating the digital currencies TerraUSD and Luna, is accused of orchestrating a $40 billion loss in 2022, according to Reuters.

⚖️ Charges:

Securities fraud

Wire fraud

Commodities fraud

Conspiracy to launder money

📅 Legal Update:

U.S. District Judge Paul Engelmayer revealed Kwon might change his plea to guilty. A hearing is set for Tuesday at 10:30 a.m. EDT in Manhattan federal court.

🔒 Extradition:

In December 2023, Kwon was extradited from Montenegro to the U.S. after the collapse of his tokens, TerraUSD and Luna. The Ministry of Justice of Montenegro confirmed his extradition, stating the U.S. authorities' request met the legal criteria.

📜 SEC Charges:

In February 2024, the U.S. SEC charged Kwon and Terraform Labs for securities fraud over their Luna and TerraUSD projects, accusing them of misleading the public by failing to provide proper disclosures.

💥 The crypto world continues to reel from the fallout of this massive scandal. Stay tuned for more updates on this case.

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