Terraform co-founder Do Kwon pleads guilty over $40 billion crypto collapse
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.