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According to breaking news, Terra (LUNA) founder Do Kwon has pleaded guilty to two counts of fraud and software fraud.
Terraform Labs co-founder Do Kwon, who is on trial in the US in connection with the collapse of the TerraUSD stablecoin, has pleaded guilty to two counts of “conspiracy to defraud” and “wire fraud.”
At the hearing in New York’s Southern District Federal Court, it was stated that Kwon could not appeal a sentence of 25 years or less, according to the agreement he made with the prosecutor’s office. Furthermore, if he pleaded guilty and did not commit any new crimes, the prosecutor’s office would seek a maximum sentence of 12 years.
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BREAKING: Terra (LUNA) Founder Do Kwon Pleads Guilty to Fraud Charges – Here Are the Details
At trial, Kwon admitted to being part of a scheme to mislead investors between 2018 and 2022. “I knowingly participated in a scheme to defraud investors who purchased cryptocurrencies from Terraform Labs,” Kwon said, admitting to making false statements about TerraUSD’s process for restoring the dollar peg and the role of another firm.
When the judge asked Kwon if he was aware of his crime, he replied, “I didn’t know the details of international law, but I knew it was illegal.”
Do Kwon’s sentence will be announced on December 11th at 11:00 AM.
*This is not investment advice.