BREAKING: Do Kwon pleads guilty of wire fraud — What’s next for LUNA and LUNC?

Key Points

1. Do Kwon pleaded guilty to two of nine charges in a US court, with sentencing date not yet set; South Korea plans separate criminal proceedings.

2. The plea does not affect the $4.5 billion civil penalty previously imposed by the SEC on Terraform Labs and Kwon.

3. The collapse of TerraUSD in 2022, an algorithmic stablecoin, resulted in a $40 billion loss, one of the largest in crypto history.

4. LUNC (Terra Luna Classic) continues under community control, while LUNA (from Terra 2.0 fork) faces an uncertain future due to the absence of its original leadership.

5. Regulators in multiple countries, including the US, South Korea, and Singapore, have pursued actions against Kwon and Terraform Labs for deceptive practices.