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Benzinga

Business

Murtuza J Merchant

Terraform Labs Founder Do Kwon Pleads Guilty To Fraud In $60B Terra/Luna Collapse

Do Kwon Terraform Labs Paul Engelmayer DOJ STEM UST

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Terraform Labs founder Do Kwon has pleaded guilty to conspiracy to commit fraud and wire fraud, nearly three years after the $60 billion implosion of the Terra/Luna (CRYPTO: LUNC) stablecoin ecosystem.

The 33-year-old South Korean national appeared in Manhattan federal court Tuesday wearing a yellow prison jumpsuit and shackles, admitting that he knowingly misled purchasers of the TerraUSD stablecoin, Coindesk reported on Tuesday.

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