FINAL OF THE SAGA #Terra !
#DoKwon pleads guilty to fraud, bringing an end to the long pursuit following the collapse of the Stablecoin TerraUSD
In a dramatic and anticipated turn, Do Kwon, co-founder of Terraform Labs, will plead guilty to charges of electronic fraud and conspiracy to defraud. This decision puts an end to the legal saga that erupted after the collapse of the algorithmic stablecoin Terra USD, an event that wiped out tens of billions of dollars from the crypto market.
According to reports from Reuters, Kwon, 33 years old, has notified the court of his intention to waive a trial and plead guilty.
Years in Prison: Kwon is expected to face a possible sentence of up to 25 years in prison, reflecting the severity of the charges.
Kwon was the chief architect of #TerraUSD (UST) and its sister token #LUNA . The collapse of the ecosystem in 2022 caused one of the largest crises in the history of cryptocurrencies, resulting in massive losses for investors worldwide.
Judicial Context: The guilty plea comes a day after Judge Paul Engelmayer reported that "the court has been informed that the defendant may submit a change of plea".
