Do Kwon Admits Guilt in Landmark Crypto Fraud Case

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In a significant development for cryptocurrency regulation, Terraform Labs co-founder Do Kwon will plead guilty to two felony counts in New York federal court.

The charges (wire fraud and conspiracy to defraud) stem from the $40 billion collapse of algorithmic stablecoin TerraUSD in May 2022.

Court records show Kwon acknowledged potential 25-year sentencing and waived trial rights.

This follows his March 2023 indictment on eight counts including securities fraud and money laundering, plus subsequent extradition from Montenegro after his arrest for document forgery.