⚖️ Today, a court hearing will take place in New York regarding Terraform Labs founder Do Kwon. This comes several years after the U.S. prosecution charged him with fraud related to the collapse of the stablecoin TerraUSD and the cryptocurrency LUNA.
The TerraUSD collapse in 2022 was one of the biggest shocks in crypto history: about $40 billion vanished from the market within days, triggering a chain reaction of declines and bankruptcies across the sector. The project, which positioned itself as a stable alternative to the dollar, crashed after its algorithmic price support failed under market pressure.
Earlier, the SEC found Do Kwon and Terraform Labs liable for civil fraud. As a result, they agreed to a $4.47 billion settlement with U.S. authorities.
Now, according to Bloomberg, Kwon is considering pleading guilty in the criminal case as well. Today’s hearing could be a key moment: if he admits guilt, the court will hear details about how exactly the entrepreneur broke the law.
📉 This case may bring closure to one of the loudest crypto stories of the decade and send a strong message to the industry that regulators intend to crack down hard on large-scale abuses.
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