One of the most prolonged cases in the crypto world surrounding the infamous Terra has finally seen its former head accept responsibility for his crimes.
Court documents reveal the magnitude of the offences, and hopefully, this can bring some peace to the affected.
Owning Up to the Wrongdoings
The U.S attorney for the Southern District of New York, Jay Clayton, announced yesterday that Do Hyeong Kwon (Do Kwon) pled guilty to one count of conspiring to commit commodities, securities, and wire fraud, and one count of committing wire fraud connected to deceitful schemes at Terraform.
The platform was touted by the charged CEO as a self-contained, decentralized financial ecosystem, leveraging pioneering blockchain technology and offering a variety of financial products, including its own cryptocurrency, payment system, stock market, and savings bank.
The harsh reality was that investors and users of Terraform were unaware that none of the instruments offered functioned as intended and wer
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