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Do Kwon admits to fraud charges, and the TerraUSD collapse case will be sentenced in December.
[比推] Do Kwon pleaded guilty to two counts of fraud in federal court in New York on Tuesday. The 33-year-old co-founder of Terraform Labs developed the TerraUSD and LUNA tokens, which collapsed in 2022, resulting in approximately $40 billion in losses. Although the statutory maximum sentence is 25 years, prosecutors agreed to recommend no more than 12 years in prison if he pleads guilty and shows remorse.
The chief judge will make the sentencing decision on December 11. This case is one of the major cases during the cryptocurrency winter of 2022, when several digital asset companies went bankrupt.