“Crypto King King” Is a quota pleaded guilty of cheating

A former South Korean CEO accused of helping to cause a cryptocurrency crisis that cost investors more than $ 40 billion ($ 31.8 billion) has pleaded guilty to two criminal charges of fraud.

Do Kwon was the head of Singapore -based Terraform Labs, who operated on two cryptocurrencies – Terrausd and Luna – both collapsed in 2022, triggering cryptocurrency.

The United States is said to have been responsible for the failure of the two digital currencies, accusing him of “orchestrating a multi -billion -dollar cryptocurrency for asset cryptocurrency.”

As part of the legal basis agreement, prosecutors agreed to refrain from seeking a sentence longer than 12 years. Kwon is to be sentenced on December 11th.

KWON’s guilty recognition “emphasizes the importance of accountability in the digital assets,” said Todd Snyder, who was appointed by US authorities and terraformed laboratories to monitor the liquidation of the company.

He added that those who have contributed to the collapse of Terraform Labs will be kept to report the company and that the assets will be restored in the best interest of the plaintiffs.

The guilty recognition of a quota in New York court comes after a long legal battle.

Initially he escaped from South Korea after His arrest warrant was issued in 2023.eventually ended up in Montenegro where He was arrested and closed before it is extradited to the United StatesS

US prosecutors said Kwon misrepresented features that had to keep the so -called 1 dollar capture.

They claim that in 2021, Kwon arranged a trading company to buy a tokens secretly to restore the Terrausd value, even when he told investors that a computer algorithm called Terra Protocol was responsible.

Prosecutors claim that the alleged misrepresentation has caused a wide range of investors to buy Terraform suggestions, which helped to increase the value of the Luna tokee of the company that is closely linked to Terrausd.

The following year, the Terraeza of the quota and the cryptocurrency of the moon collapsed.

“In 2021, I made false and misleading statements why (terraus) regained the peg,” he said in court on Tuesday.

“What I did was wrong and I want to apologize for my behavior,” he added.

Initially, Kwon was admitted that he was not guilty of nine censuses arising from the crash, including securities and wire fraud and conspiracy for money laundering.

He had been confronted with up to 135 years in prison if he was sentenced to charges in the original indictment.

As part of his legal basis agreement, Konn has agreed to refrain from challenging the charges of the prosecution.

It should also take up to $ 19.3 million plus interest and several properties and pay restitution.

While prosecutors have agreed to limit their requested sentence to 12 years, Judge Paul Engelmayer claims that he has the right to prescribe a longer sentence.

This sentence can be up to 25 years in prison.

He is still against charges in South Korea, according to his lawyer.