Crypto mogul Do Kwon pleads guilty to fraud for $40bn market collapse
South Korean entrepreneur Do Kwon, the co-founder of Terraform Labs, has pleaded guilty to two charges of conspiracy to defraud and wire fraud in a U.S. federal court. Kwon, 33, was accused of misleading investors in 2021 about TerraUSD, a cryptocurrency that he had developed, which led to an estimated $40 billion market collapse in 2022 and caused a significant impact on the broader cryptocurrency market. Kwon had previously pleaded not guilty to a nine-count indictment, but has now changed his plea and admitted to the two charges. The case highlights the risks and challenges associated with the rapidly evolving cryptocurrency industry and the importance of transparency and accountability for companies and individuals operating in this space.
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