Co-founder of Terraform Labs pleads guilty to fraud charges in New York Court

According to Foresight News, South Korean cryptocurrency entrepreneur Do Kwon pleaded guilty to two counts of fraud in federal court in New York on Tuesday. The 33-year-old co-founder of Terraform Labs was involved in the development of the TerraUSD and LUNA tokens, which collapsed in 2022, resulting in approximately $40 billion in losses. During the hearing presided over by U.S. District Judge Paul Engelmayer in the Southern District of New York, Kwon pleaded guilty to conspiracy to commit fraud and wire fraud.