A former South Korean tech executive, accused of playing a key role in a cryptocurrency disaster that wiped out more than $40bn (£31.8bn) in investor funds, has admitted guilt to two criminal fraud charges.
Do Kwon, the former head of Singapore-based Terraform Labs, oversaw two cryptocurrencies, TerraUSD and Luna, which both imploded in 2022, sparking a massive sell off across the crypto market.
US authorities allege Kwon was at the heart of the collapse, accusing him of “orchestrating a multi-billion dollar crypto asset securities fraud.”
Under a plea agreement, prosecutors will not push for a sentence exceeding 12 years. Kwon is set to be sentenced on 11 December.
