Terra Founder Set to Plead Guilty: $40B Crypto Scam Nears Its Finale

Do Kwon, co-founder of Terraform Labs and the man behind one of the biggest collapses in crypto history, is reportedly ready to plead guilty in a U.S. court. The hearing is scheduled for August 12 in New York. Back in May 2022, his algorithmic stablecoin TerraUSD (UST) and its sister token LUNA crashed in just days, wiping out around $40 billion and leaving millions of investors empty-handed. Prosecutors accuse Kwon of fraud, market manipulation, and money laundering. He had previously pleaded not guilty, but after months of talks with prosecutors, it looks like a deal is on the table. If confirmed, the Terra case will go down as one of the most high-profile precedents in crypto history.