Terra (LUNA) Founder Do Kwon Pleads Guilty to Fraud Charges – Here Are the Details

Breaking News: Terra (LUNA) Founder Do Kwon Pleads Guilty to Fraud Charges

According to recent reports, Terra (LUNA) founder Do Kwon has pleaded guilty to two counts of fraud and software fraud.

Terraform Labs Co-Founder Admits Guilt

Do Kwon, the co-founder of Terraform Labs, is currently on trial in the US in connection with the collapse of the TerraUSD stablecoin. Kwon has admitted to two counts of “conspiracy to defraud” and “wire fraud” during a hearing in New York’s Southern District Federal Court.

Potential Sentencing

As part of an agreement with the prosecutor’s office, Kwon could face a sentence of up to 25 years. However, if he pleads guilty and refrains from committing any new crimes, the prosecutor’s office will seek a maximum sentence of 12 years. The final sentencing is scheduled to be announced on December 11th at 11:00 AM.

Admission of Wrongdoing

During the trial, Kwon confessed to being involved in a scheme to deceive investors between 2018 and 2022. He acknowledged misleading investors who purchased cryptocurrencies from Terraform Labs by providing false information about TerraUSD’s dollar peg restoration process and the involvement of another firm.

When questioned by the judge about his awareness of the illegality of his actions, Kwon admitted, “I didn’t know the details of international law, but I knew it was illegal.”

Disclaimer

It is important to note that the information provided in this article is for informational purposes only and should not be considered as investment advice.