$LUNC Entrepreneur Do Kwon, founder of the TerraUSD cryptocurrency that lost all its value in 2022, has pleaded guilty to fraud. Do Kwon, a South Korean entrepreneur known for the disastrous failure of the TerraUSD cryptocurrency, has pleaded guilty to fraud in a New York court. Kwon is the founder of the Terraform Labs cryptocurrency platform and TerraUSD, a " stablecoin ," a type of cryptocurrency designed to maintain a fixed value tied to other financial assets. In 2022, TerraUSD completely lost value, generating losses of approximately $40 billion for investors and triggering a general crisis of confidence in cryptocurrencies.The main charge against Kwon is that he fraudulently kept TerraUSD's value stable by creating a second company that secretly purchased large quantities of TerraUSD. Kwon, however, told investors that the value was being held stable through the use of an algorithm. The guilty plea is part of a plea agreement with the prosecution, in which he also agreed to pay $19.3 million (about €17 million). In exchange, the prosecutor's office will seek no more than 12 years in prison. Before this agreement, he faced up to 135 years. His sentence will be determined by a judge with a sentencing scheduled for December 11th.In 2022, a very turbulent period began for Kwon : in 2023, he initially fled to South Korea after the United States issued an arrest warrant against him; he then moved to Montenegro, from where he attempted to go to the United Arab Emirates (which does not have an extradition agreement with the United States) using a false Costa Rican passport, but the local police arrested him and extradited him to the United States , where he initially pleaded not guilty.#writetoearn