According to Mars Finance news on August 13, as reported by Reuters, South Korean cryptocurrency entrepreneur Do Kwon admitted to two counts of fraud in federal court in New York on Tuesday. The 33-year-old co-founder of Terraform Labs developed the TerraUSD and LUNA tokens, which collapsed in 2022, resulting in approximately $40 billion in losses. During a hearing presided over by Federal Judge Paul Engelmayer in the Southern District of New York, Do Kwon pleaded guilty to charges of conspiracy to commit fraud and wire fraud. In January of this year, he had pleaded not guilty to nine charges including securities fraud, wire fraud, commodities fraud, and money laundering. During the court hearing, Do Kwon apologized, stating: 'I concealed the truth about the trading company's intervention in restoring the peg and made false statements. My actions were wrong.' Although the maximum statutory sentence is 25 years, the prosecution agreed to recommend no more than 12 years imprisonment if he expresses remorse. The presiding judge will issue a sentencing decision on December 11. This case is one of the key cases during the cryptocurrency winter of 2022, when several digital asset companies went bankrupt.