Do Kwon has pleaded guilty in the fraud case related to the $40 billion collapse of the TerraUSD stablecoin — Reuters.
In 2022, the cryptocurrency market took a hit: the algorithmic stablecoin TerraUSD (UST) lost its peg to the dollar — falling to $0.10, while the associated cryptocurrency LUNA devalued to nearly zero. As a result, the market capitalization of Terra-Luna collapsed by $40-45 billion in just a week, triggering a wave of bankruptcies in the crypto ecosystem.
