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Co-founder of Terraform Labs Do Kwon pleads guilty to two charges of fraud.
Do Kwon pleads guilty to fraud using electronic communications and conspiracy to commit fraud, reports Reuters.
In May 2022, the Terra ecosystem and the LUNA token, developed by Terraform Labs, collapsed, and the stablecoin UST lost its peg to the dollar.
According to various estimates, the total losses of the crypto community amounted to $40-60 billion due to the collapse in token prices and the failure of crypto services such as Anchor, which offered inflated returns for holding UST.
This caused a decline in the entire crypto market and the subsequent bankruptcy of several funds that invested in the Terra ecosystem.
Do Kwon was arrested in Montenegro and extradited to the USA in 2024. In April 2025, he and Terraform Labs were found guilty of fraud in a separate civil lawsuit by the SEC. The court ordered them to pay $4.5 billion in fines and compensation.
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