Do Kwon changes plea to "Guilty." Inner City Press live-tweets the proceedings

Do Kwon, the co-founder and former chief executive of Terraform Labs, changed his plea in U.S. federal court and pleaded guilty to fraud-related charges tied to the collapse of Terraform’s ecosystem and the loss of roughly $40 billion in investor value. The U.S. Attorney’s Office for the Southern District of New York said Kwon admitted to one count of conspiring to commit commodities fraud, securities fraud, and wire fraud, plus one count of wire fraud, after previously facing a broader nine-count indictment. The plea followed years of litigation over Terraform’s flagship tokens, especially LUNA and TerraUSD, which were marketed as part of a decentralized financial system but were alleged by prosecutors to have been manipulated and not functioned as advertised.

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More coverage

• Southern District of New York | Do Kwon Pleads Guilty To Fraud (justice.gov)
• United States v. Kwon, 23 Cr. 151 (PAE) (Terraform Labs Fraud) (justice.gov)

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