Terraform Labs Co-Founder Pleads Guilty to Fraud Charges

South Korean entrepreneur Do Kwon, co-founder of Terraform Labs, admitted to two counts of fraud in a New York federal court on Tuesday. The charges stem from the 2022 collapse of TerraUSD and LUNA tokens, which caused an estimated $40 billion in losses. During a hearing before U.S. District Judge Paul Engelmayer in the Southern District of New York, Kwon pleaded guilty to conspiracy to commit fraud and wire fraud.