14 August 06:10
Do Kwon, creator of the TerraUSD and Luna cryptocurrencies, pleaded guilty to fraud and conspiracy following the collapse of his project.
Raluca Ioana Draghici
Science IT&C
www.shutterstock.com
South Korean entrepreneur Do Kwon has pleaded guilty in US court to fraud and conspiracy charges in connection with the 2022 collapse of the cryptocurrencies TerraUSD and Luna, which caused $40 billion in losses. Kwon admitted to misleading investors with false claims about the stability of TerraUSD. He faces up to 25 years in prison after plea deals with prosecutors, but the sentence could be reduced to 12 years if he pleads guilty. Kwon is in detention in the US and is also facing charges in South Korea.
Sources
Do Kwon, fondatorul Terraform Labs, recunoaşte în SUA fraude de miliarde de dolari, după colapsul criptomonedelor TerraUSD şi Luna
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