Do Kwon, a cryptocurrency entrepreneur behind the failed Luna and TerraUSD cryptocurrencies, pleaded guilty to two counts of fraud in a US court on Tuesday. The collapse of these digital currencies in 2022 triggered a market meltdown.
Kwon’s guilty plea covers one count of conspiracy to commit commodities and securities fraud as well as wire fraud, according to court records. As part of his plea deal, Kwon agreed to forfeit more than $19 million in proceeds from his crypto dealings. The US attorney’s office has secured this conviction after an investigation into the cryptocurrency market.
Source: https://www.nytimes.com/2025/08/12/technology/do-kwon-crypto-fraud-guilty-plea.html