New York – The founder of Terraform Labs, Do Kwon, pleaded guilty of conspiracy to commit fraud and fraud by wire on Tuesday morning, three years after the dramatic collapse of the terra / Luna Stablecoin ecosystem.
Dressed in a canari yellow prison combination, the 33 -year -old Korean national said that he “scandalized in a fraud plan and in fact fraudule” buyers of the terrausd Stablecoin.
Judge Paul Engelmayer, who oversees the case, traveled the creator Terra through the accusations to establish that the Kwon was indeed guilty of the allegations filed in a previous accusation act, which had included seven other accusations such as securities and raw materials.
Under the Adviser Agreement, presented by an assistant American prosecutor, Kwon agreed to pay a maximum confiscation of $ 19 million more interest, allow certain goods and pay a restitution. He also agreed not to challenge factual allegations in the indictment. In exchange, the DoJ agreed to recommend a maximum sentence of 12 years. Once he has served half of his ultimate sentence, the Doj has agreed to support any request Kwon made for an international prisoner transfer.
Kwon lawyer said there were still open charges against him in South Korea.
In a prepared statement, Kwon said he had worked with others to defraud buyers in South Korea, the South New York district and other places between 2018 and 2022, and that he had used international and inter -retatic wires to do so.
“In 2021, I made false and misleading statements on why [UST] Found his ankle, “he said, noting that a commercial enterprise had been involved.” What I did was bad, and I want to apologize for my driving. “”
