Do Kwon to Plead Guilty in $40B Terra Luna Collapse
Main Idea
Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy charges related to the $40 billion collapse of TerraUSD (UST) and Luna (LUNA) cryptocurrencies.
Key Points
1. Do Kwon will plead guilty to two criminal charges concerning the collapse of UST and LUNA, which erased an estimated $40 billion in value.
2. Prosecutors accused Kwon of misleading investors by falsely claiming an algorithm maintained UST’s $1 peg after its May 2022 depegging.
3. Kwon agreed to an $80 million civil fine and a crypto transaction ban in a 2024 SEC settlement.
Description
Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy and wire fraud charges tied to the $40 billion collapse of his cryptocurrency projects, a judge confirmed Tuesday. Do Kwon, co-founder of Terraform Labs, will plead guilty to two criminal charges of conspiracy to defraud and wire fraud related to the 2022 collapse
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