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