Do Kwon Pleads Guilty to Fraud Over $40 Billion Terra Collapse

In a major development, Do Kwon, the co-founder of Terraform Labs, has pleaded guilty to charges in a US fraud prosecution related to the $40 billion collapse of the TerraUSD stablecoin in 2022. The collapse of the TerraUSD and its native token LUNA was one of the biggest crypto industry events of the year, leading to widespread losses for investors. The guilty plea comes after Kwon was previously charged with fraud by US authorities. The charges are part of a broader investigation into the collapse of the TerraUSD stablecoin and the Terraform Labs ecosystem. The plea deal could have significant implications for Kwon and the ongoing legal proceedings surrounding the incident. The collapse of TerraUSD and LUNA had a ripple effect across the crypto industry, leading to the downfall of several other projects and platforms. The guilty plea by Kwon is a significant development in the ongoing efforts to hold those responsible for the incident accountable.