๐จ BREAKING: LUNA Founder Do Kwon Pleads Guilty to Fraud ๐จ
In a landmark case that has been closely watched by the crypto world, Do Kwon, the mastermind behind the catastrophic $40 billion collapse of Terra (LUNA), has pleaded guilty to multiple fraud charges in a U.S. court.
Here's a breakdown of the key details:
* Guilty Plea: Kwon pleaded guilty to conspiracy and wire fraud, admitting to making false and misleading statements to investors about the stability of the Terra ecosystem.
* Forfeiture: As part of the plea agreement, Kwon has agreed to forfeit over $19 million in assets.
* Sentencing: While the maximum penalty for the charges is up to 25 years in prison, prosecutors have agreed to recommend a sentence of no more than 12 years. Sentencing is scheduled for December 11, 2025.
* Legal Journey: Kwon's legal saga began with his arrest in Montenegro in March 2023 for using a fake passport. He was extradited to the U.S. in late 2024 to face these charges.
This guilty plea marks a pivotal moment, signaling a new era of accountability for crypto founders and setting a precedent for how governments will handle major fraud cases in the digital asset space.