Do Kwon, the cryptocurrency tycoon behind the $40bn collapse of the TerraUSD crypto token, has pleaded guilty to two fraud counts in a plea deal with US authorities.
The South Korean crypto entrepreneur appeared in a Manhattan courtroom on Tuesday and reversed the not-guilty plea that he had entered shortly after being extradited to the US from Montenegro in December.
“What I did was wrong and I want to apologise for my conduct,” Kwon told the court. “I take full responsibility.” He said he knowingly engaged in a scheme to defraud purchasers of securities issued by his company, Terraform Labs.
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