Do Kwon, co-founder of Terraform Labs, pleaded guilty to conspiracy and wire fraud charges related to the 2022 collapse of Terra stablecoin and Luna token that wiped out $40 billion in investor funds. Kwon admitted to knowingly defrauding customers and artificially inflating Terra's $1 peg. He faces up to 25 years in prison with sentencing scheduled for December 11th, following his extradition from Montenegro to the US.
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