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2025-08-13 -Lurid Crime Tales-
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Do Kwon to plead guilty in $40B crypto collapse
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[NYPOST] Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded guilty on Tuesday to two charges of conspiracy to defraud and wire fraud.
Kwon, 33, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, entered the plea at a court hearing in New York before US District Judge Paul Engelmayer.
He had pleaded not guilty
"Wudn't me."
in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Accused of misleading investors in 2021 about TerraUSD — a so-called stablecoin designed to maintain a value of $1 — Kwon pleaded guilty to the two counts under an agreement with the Manhattan US Attorney's office, which brought the charges.
He faces up to 25 years in prison when Engelmayer sentences him on Dec. 11, though prosecutor Kimberly Ravener said the government had agreed to advocate for a prison term of no more than 12 years provided he accepts responsibility for his crimes.
Kwon is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies.
Prosecutors alleged that when TerraUSD slipped below its $1 peg in May 2021, he told investors a computer algorithm known as ''Terra Protocol'' had restored the coin's value.
Instead, they said, he arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price. 
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Posted by Fred 2025-08-13 00:00||
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