Do Kwon May Plead Guilty in US Courts for $40,000,000,000 Collapse of TerraUSD (UST): Report
Disgraced Terra Labs co-founder Do Kwon may reportedly plead guilty in US courts for the multi-billion-dollar collapse of the algorithmic stablecoin TerraUSD (UST). According to a new report by Bloomberg, Kwon could plead guilty to fraud for his role in the $40 billion collapse of UST in 2022 during his plea hearing this week. In an order, Judge Paul Engelmayer told Kwon to be prepared to explain how he violated the law if he does plead guilty. Kwon, 33, was initially arrested in March of 2023 in Montenegro after being caught attempting to board a flight to the United Arab Emirates with a forged passport. After a two-year battle to see whether he’d be charged in the US or his native South Korea first, in which the highest court in the Balkan nation ruled he’d be extradited to the US, Kwon eventually entered a not guilty plea in January. In a 2024 civil fraud suit filed by the U.S. Securities and Exchange Commission (SEC), a New York jury found that K...