Do Kwon Pleads Guilty to Fraud Over $40 Billion Terra Collapse

Terraform Labs Pte. co-founder Do Kwon pleaded guilty to charges in a US fraud prosecution tied to the $40 billion collapse of the TerraUSD stablecoin in 2022.

Kwon pleaded guilty to conspiracy and wire fraud under an agreement with prosecutors at a hearing in New York on Tuesday. The 33-year-old, dressed in a yellow prison jumpsuit, also agreed to forfeit $19.3 million and some properties as part of the plea deal.