Do Kwon pleaded guilty to federal fraud charges in Manhattan court, with his sentencing set for Dec. 11.
As Inner City Press reported on Aug. 12, Kwon admitted he orchestrated a cryptocurrency scheme that prosecutors allege caused over $40 billion in losses when LUNA and TerraUSD tokens collapsed in May 2022.
His defense entered guilty pleas to conspiracy to defraud and wire fraud before Judge Paul Engelmayer at the Southern District of New York (SDNY) courthouse.
Kwon acknowledged making false statements about Terra’s operations and knew his statements were misleading investors.
He told the court:

“Between 2018 and 2022 in the SDNY and elsewhere I knowingly agreed to participate in a scheme to defraud purchasers of cryptocurrencies from my company, Terraform Labs. I made false statements about how the peg was restored, and the role of another firm. I knew my statements were false.”

The plea agreement stipulates financial penalties exceeding $19 million and establishes sentenci

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