Do Kwon Admits Fraud Charges: Terra Collapse Trial to Proceed

Do Kwon, co-founder of Terraform Labs and developer of the TerraUSD and Luna cryptocurrencies, has pleaded guilty to two counts of wire fraud and conspiracy to commit fraud in a Manhattan court. This admission comes amidst mounting losses from the collapse of TerraUSD and Luna, totaling $40 billion. Kwon’s sentencing is scheduled for December 11, 2025, with prosecutors advocating for no more than 12 years imprisonment despite the maximum sentence being 25 years.