The founder of Terraform Labs Do Kwon is called fraud, more than $ 40 billion, a collapse of encryption

Do Kwon, co -founder of Terraform Do Kwon, admitted that he is guilty of two American fraud after his actions were eliminated with a value of $ 40 billion in encryption investments, Guardian I mentioned. Coone’s story is a wild story that includes Huge encryption shatterAnd Interpol Manhunt And the ultimate kwon delivery From Montenegro to the United States.

Kwon, along with Sam Bankman-Fred and others, was a major player in 2022 The collapse of encryption. His company, TerraForm “Stablecoin”, called Terrausd, is supposed to be linked to the US dollar, along with a floating encryption currency called Luna. When Terrausd fell to less than PEG one dollar in May 2021, KWON arranged a secret for a business company to purchase the currency to enhance its price. However, he lied to investors and said that he settled the currency using a specialized algorithm.

These investors thought the story and bought a Luna (closely related to Terrausd), up to approximately 50 billion dollars, according to American public prosecutors. After that, both currencies collapsed, with $ 40 billion in investor money. Because it often works with such things, and many ordinary people They lost their livesWhile investment capital companies Beneficial Before pulling the carpet.

After the collapse, KWON was placed on required lists in both the United States and South Korea, with investigators in the last country Interpol recruitment To find the businessman. after that Posted on X He was “not a fugitive” and was handed over to the United States last year on New Year’s Eve.

KWON was originally charged with nine charges, including securities fraud, wire fraud, goods, and money laundering conspiracy. Despite facing up to 25 years, he may receive a 12 -year -old reduced sentence, provided that he accepts the responsibility of his crimes. “I have made wrong and misleading statements about the reason for the restoration of (Terrausd) from linking it to its failure to reveal the role of a trading company in restoring this table.” “What I did was wrong.”

Earlier, KWON agreed to pay a civil fine of $ 80 million and was banned from encryption transactions as part of the settlement of the US Securities and Stock Exchange Commission of $ 4.55 billion. Public Prosecutors will be allowed to transfer Coone to South Korea after half of his fans are presented in the United States.