Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy and wire fraud charges tied to the $40 billion collapse of his cryptocurrency projects, a judge confirmed Tuesday. Do Kwon, co-founder of Terraform Labs, will plead guilty to two criminal charges of conspiracy to defraud and wire fraud related to the 2022 collapse […]Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy and wire fraud charges tied to the $40 billion collapse of his cryptocurrency projects, a judge confirmed Tuesday. Do Kwon, co-founder of Terraform Labs, will plead guilty to two criminal charges of conspiracy to defraud and wire fraud related to the 2022 collapse […]
Do Kwon to Plead Guilty in $40B Terra Luna Collapse
Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy and wire fraud charges tied to the $40 billion collapse of his cryptocurrency projects, a judge confirmed Tuesday.
Do Kwon, co-founder of Terraform Labs, will plead guilty to two criminal charges of conspiracy to defraud and wire fraud related to the 2022 collapse of his terrausd (UST) and luna (LUNA) cryptocurrencies that erased an estimated $40 billion in value, a U.S. judge announced. The South Korean entrepreneur had pleaded not guilty in January to a nine-count indictment alleging securities fraud, wire fraud, commodities fraud, and money laundering conspiracy. Prosecutors accused Kwon of misleading investors by falsely claiming an algorithm maintained UST’s $1 peg after its May 2022 depegging, while secretly arranging millions in token purchases to artificially inflate its price. These alleged misrepresentations helped drive LUNA’s value to $50 billion by spring 2022. Kwon agreed to an $80 million civil fine and crypto transaction ban in a 2024 SEC settlement.
Market Opportunity
Terra Price(LUNA)
$0.08906
$0.08906$0.08906
USD
Terra (LUNA) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
VivoPower To Load Up On XRP At 65% Discount: Here’s How
VivoPower International, a Nasdaq-listed B-Corp now pivoting to an XRP-centric treasury, said on September 16 it has structured its mining and treasury operations so that it can acquire the token “at up to a 65% discount” to prevailing market prices—by mining other proof-of-work assets and swapping those mined tokens. VivoPower Doubles Down On XRP The […]
Share
Bitcoinist2025/09/18 10:00
WIF price reclaims 200-day moving average
WIF (WIF) price is entering a critical technical phase as price action reclaims the 200-day moving average, a level that often separates bearish control from bullish
Share
Crypto.news2026/01/13 23:44
China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise
The post China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise appeared on BitcoinEthereumNews.com. China Blocks Nvidia’s RTX Pro 6000D as Local Chips Rise China’s internet regulator has ordered the country’s biggest technology firms, including Alibaba and ByteDance, to stop purchasing Nvidia’s RTX Pro 6000D GPUs. According to the Financial Times, the move shuts down the last major channel for mass supplies of American chips to the Chinese market. Why Beijing Halted Nvidia Purchases Chinese companies had planned to buy tens of thousands of RTX Pro 6000D accelerators and had already begun testing them in servers. But regulators intervened, halting the purchases and signaling stricter controls than earlier measures placed on Nvidia’s H20 chip. Image: Nvidia An audit compared Huawei and Cambricon processors, along with chips developed by Alibaba and Baidu, against Nvidia’s export-approved products. Regulators concluded that Chinese chips had reached performance levels comparable to the restricted U.S. models. This assessment pushed authorities to advise firms to rely more heavily on domestic processors, further tightening Nvidia’s already limited position in China. China’s Drive Toward Tech Independence The decision highlights Beijing’s focus on import substitution — developing self-sufficient chip production to reduce reliance on U.S. supplies. “The signal is now clear: all attention is focused on building a domestic ecosystem,” said a representative of a leading Chinese tech company. Nvidia had unveiled the RTX Pro 6000D in July 2025 during CEO Jensen Huang’s visit to Beijing, in an attempt to keep a foothold in China after Washington restricted exports of its most advanced chips. But momentum is shifting. Industry sources told the Financial Times that Chinese manufacturers plan to triple AI chip production next year to meet growing demand. They believe “domestic supply will now be sufficient without Nvidia.” What It Means for the Future With Huawei, Cambricon, Alibaba, and Baidu stepping up, China is positioning itself for long-term technological independence. Nvidia, meanwhile, faces…
Share
BitcoinEthereumNews2025/09/18 01:37