Do Kwon, the founder of Terraform Labs, pleaded guilty to conspiracy to commit fraud and wire fraud on Tuesday. This plea followed a lengthy extradition process and a prior not guilty plea, marking a significant development in relation to the Terra ecosystem’s collapse.
The Terra ecosystem, which included the unstable Luna (LUNA) and UST stablecoin, faced catastrophic collapse in 2022, resulting in severe financial losses. Kwon acknowledged defrauding investors, and under a plea deal, could serve a maximum of 12 years in prison.
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