Kwon pleads guilty to fraud charges

theguardian.com

Do Kwon, co-founder of Terraform Labs, pleaded guilty to US fraud charges related to the $40 billion collapse of Terra and Luna cryptocurrencies. Kwon admitted to conspiracy to defraud and wire fraud, having misled investors about the stablecoin TerraUSD's peg. He faces up to 12 years in prison under a plea agreement. The collapse of TerraUSD and Luna in 2022 significantly impacted the cryptocurrency market, leading to broader industry instability and regulatory scrutiny.


With a significance score of 5.5, this news ranks in the top 0.6% of today's 26241 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 10,000+ subscribers:


Kwon pleads guilty to fraud charges | News Minimalist