🚨Crypto mogul Do Kwon, known as ‘the cryptocurrency king,’ pleads guilty to fraud charges⚠️ 👉NEW YORK (AP) — South Korean cryptocurrency mogul Do Kwon pleaded guilty on Tuesday to two fraud charges arising from the $40 billion collapse of a cryptocurrency ecosystem that had promised investors their money was safe.
🧨Kwon, 33, dubbed by some as “the cryptocurrency king,” entered the plea in Manhattan federal court.
🧨According to a plea agreement signed by Kwon and prosecutors, the government said it will not seek a prison term of more than 12 years as long as Kwon complies with the deal’s terms, even though federal sentencing guidelines would have recommended a prison term of about 25 years. Sentencing is set for Dec. 11. 🚨Authorities said investors worldwide lost money in the Singapore crypto firm Terraform Labs’ $40 billion cryptocurrency crash. Kwon co-founded the company in 2018.
🔥The May 2022 collapse came after the company claimed that TerraUSD was a reliable “stablecoin.”TerraUSD was designed as a “stablecoin,” a currency that is pegged to stable assets such as the dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg. 👉Kwon was extradited to the United States on Dec. 31 from Montenegro after his March 23, 2023, arrest while traveling on a false passport in Europe⚠️$BTC
#REVABinanceTGE #ETH5kNext? #DeFiGetsGraded #CryptoFraudAlert #FraudCase