PANews August 13 news, according to Reuters, Terraform Labs founder Do Kwon admitted to conspiracy to commit fraud and telecom fraud in New York, involving the collapse of TerraUSD and Luna that resulted in approximately $40 billion in losses for investors. The prosecution stated that he concealed the intervention of a high-frequency trading company in the price of TerraUSD, misleading investors. Kwon agreed to pay a $80 million fine and is banned from participating in cryptocurrency trading, with the verdict to be announced on December 11, facing a maximum sentence of 25 years; the prosecution agreed to recommend no more than 12 years after his plea.