🚨 Do Kwon Pleads Guilty to Fraud 🚨
Co-founder of Terraform Labs, Do Kwon, has pleaded guilty in a federal court in Manhattan to charges of fraud in the U.S. related to the collapse of TerraUSD in 2022, which resulted in the company's value dropping by $40 billion.
TerraUSD is an algorithmic stablecoin pegged to the related token Luna,
which lost its peg to $1 in May 2022, triggering a market crash that
also contributed to the fall of FTX.
Kwon faces charges on
nine counts, including securities fraud,
commodity fraud,
electronic communication fraud, and conspiracy to commit money laundering.