#MarketTurbulence

Do Kwon Pleads Guilty: A Historic Turning Point in Cryptocurrency Fraud Prosecution

On August 12, 2025, the United States Attorney's Office for the Southern District of New York (SDNY) officially announced that Do Hyeong Kwon, co-founder and former CEO of Terraform Labs PTE, Ltd., had pleaded guilty to fraud charges in federal court in Manhattan. This is considered one of the largest financial fraud cases in the history of the cryptocurrency industry.