TechFlow, August 13 — According to Reuters, Terra founder Do Kwon pleaded guilty in a New York court to charges of conspiracy to commit fraud and wire fraud related to the collapse of a $40 billion cryptocurrency venture. Under a plea agreement with the U.S. Attorney’s Office for the Southern District of Manhattan, Do Kwon faces a maximum sentence of 25 years in prison, though prosecutors have agreed to recommend no more than 12 years in exchange for his guilty plea.
Do Kwon's TerraUSD and LUNA tokens collapsed in 2022, resulting in approximately $40 billion in losses. Sentencing is scheduled for December 11.
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