Do Kwon Pleads Guilty Over $40B Collapse

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Hey crypto trailblazer, 👋

Big legal news this week as the co-founder of Terraform Labs admits guilt in one of the biggest crypto meltdowns in history.

⚖️ Do Kwon Pleads Guilty: What the Collapse Means

• Do Kwon pleaded guilty in a Manhattan federal court to two fraud charges related to the 2022 collapse of TerraUSD and Luna, which wiped out around $40 billion in value.

• In exchange for the plea, he agreed to forfeit more than $19 million, including his stake in Terraform Labs, and sentencing is scheduled for December 11. The government has said it will recommend no more than 12 years behind bars.

• Kwon admitted he misled investors about the stability of TerraUSD and concealed the role of external parties in maintaining its dollar peg. This case marks a rare criminal conviction tied to algorithmic stablecoin collapse.

💰 Market Snapshot (August 12th, 2025 at 11:50 PDT)

• Bitcoin (BTC): ~$119K

• Ethereum (ETH): ~$4.6K

• Ripple (XRP): ~$3.20

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