Do Kwon Acknowledgment of guilt in the case of fraud in the United States, a 25 -year -old phase star-news.press/wp

Do Kwon, co -founder of Terraform Labs, who is separated from it, acknowledged the charge of fraud in the United States after three troubled years after the company’s collapse.

Do Kwon, who participated in the creation and development of Terrausd Stablecoin and Luna (Now Luna Classic), has an estimated value of $ 40 billion in 2022, his call was entered during a court hearing in New York on Tuesday.

Do Kwon admits guilt in the case of fraud in the plot

Coone faced dangerous allegations caused by a nine accusation regulation that included securities fraud, wire defrauding, fraud on goods, and conspiracy to commit money laundering, according to the American authorities.

like I mentioned By the Bitcoin on Monday, after he initially approved a non -guilty in January, he finally changed his position, and he agreed to acknowledge guilt on two charges: conspiracy to fraud and fraud in wires as part of a deal with the Public Prosecutor’s Office in Manhattan.

The charges against KWON were mainly linked to the misleading investors about Terrausd, which is Stablecoin aimed at linking the US dollar. Prosecutors claim that when balcony Less than its connection decreased in May 2021, Coone has falsely confirmed that the computer algorithm known as “Terra Protocol” will restore the value of the currency.

The authorities claim that in reality, Do Kwon had “secretly arranged” a high -frequency trading company to buy millions of dollars from the distinctive symbol to inflate its price artificially and restore its value related to dollars.

This behavior led to retail and Institutional investors To purchase TerraForm products, the Luna value – the encrypted currency is closely related to the Terrausd – to $ 50 billion by early 2022.

Forbidden to encrypt as part of the SEC settlement

During court procedures, Coone Express He regretted his actions, admitting, “I have made wrong and misleading statements about the reason for its recovery by linking it by not revealing the role of a trading company in restoring this tablet. What I did was a mistake.”

As part of his legal problems, KWON agreed to pay a civil fine of $ 80 million and will be prevented from engaging in encryption transactions as part of a wider $ 4.55 billion settlement with the US Securities and Exchange Committee.

Do Kwon, has been held since the American authorities faced his delivery from Montenegro in late last year as well Fees In South Korea on conspiracy to commit fraud in goods, securities fraud, and wire fraud.

Looking at the future, the encrypted businessman faces a possible prison sentence for up to 25 years, although the prosecutors have indicated that they will recommend a maximum of 12 years, and depend on KWON’s acceptance of his actions. The ruling is scheduled to be issued on December 11.

After Do Kwon Fall, Luna Classic recorded an 8 % increase on the weekly time frame. This recovery reached a level of 0.00006284 dollars after months of continuous declines from the highest annual level of $ 0.00012, which was reached in January.

Distinctive image from Dall-E, Chart from TradingView.com

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