Cryptocurrency Mogul Do Kwon Admits Guilt in $40B Collapse — Prison and $19M Forfeiture Included

The architect of a massive crypto catastrophe, Do Kwon, has confessed to his role in a scheme that cost investors billions. (Credit: LinkedIn / Do Kwon)

The dramatic downfall of cryptocurrency mogul Do Kwon reached a turning point this week as the 33-year-old admitted in a New York courtroom to defrauding investors in one of the most catastrophic collapses in digital currency history.

The guilty plea follows the implosion of TerraUSD and Luna, which wiped out $40 billion (£29.47 billion) in market value and rattled the entire cryptocurrency sector.