• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Do Kwon

Do Kwon’s Guilty Plea In US Fraud Case Sets Stage For 25-Year Sentence

Ronaldo Marquez
by Ronaldo Marquez
2 weeks ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Do Kwon, co-founder of the defunct blockchain firm Terraform Labs, has pleaded guilty to US fraud charges after a tumultuous three years following the company’s collapse.

Do Kwon, who took part in creating and developing the TerraUSD stablecoin and the Luna (now Luna Classic) token lost an estimated $40 billion in value in 2022, entered his plea during a court hearing in New York on Tuesday.

Do Kwon Admits Guilt In Conspiracy And Wire Fraud Case

Kwon faced serious allegations stemming from a nine-count indictment that included securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering, according to US authorities. 

As reported by Bitcoinist on Monday, after initially pleading not guilty in January, he ultimately changed his stance, agreeing to plead guilty to two charges: conspiracy to defraud and wire fraud as part of a deal with the Manhattan US Attorney’s office.

Related Reading: Ripple Vs SEC: The Historic Legal Battle Ends After 4 Years

The charges against Kwon were primarily related to misleading investors about TerraUSD, a stablecoin intended to be pegged to the US dollar. Prosecutors allege that when TerraUSD fell below its peg in May 2021, Kwon falsely assured investors that a computer algorithm known as “Terra Protocol” would restore the coin’s value. 

Authorities claim that in reality, Do Kwon had “secretly arranged for” a high-frequency trading firm to buy millions of dollars’ worth of the token to artificially inflate its price and recover its value pegged to the dollar.

This behavior led both retail and institutional investors to purchase Terraform products, inflating the value of Luna—a cryptocurrency closely tied to TerraUSD—to as much as $50 billion by early 2022.

Banned From Crypto As Part Of SEC Settlement

During the court proceedings, Kwon expressed remorse for his actions, admitting, “I made false and misleading statements about why it regained its peg by failing to disclose a trading firm’s role in restoring that peg. What I did was wrong.”

As part of his legal troubles, Kwon has agreed to pay an $80 million civil fine and will be banned from engaging in crypto transactions as part of a broader $4.55 billion settlement with the US Securities and Exchange Commission. 

Related Reading: Bullish Cryptocurrency Exchange Expands IPO Plans To $5 Billion

Do Kwon, has been in custody since his extradition from Montenegro late last year by US authorities is also facing charges in South Korea on conspiring to commit commodities fraud, securities fraud, and wire fraud

Looking ahead, the crypto entrepreneur faces a potential prison sentence of up to 25 years, although prosecutors indicated they would recommend a maximum term of 12 years, contingent on Kwon accepting responsibility for his actions. Sentencing is scheduled for December 11. 

Do Kwon
The daily chart shows LUNC’s price recovery on Tuesday. Source: LUNCUSDT on TradingView.com

Following Do Kwon’s fall, Luna Classic recorded an 8% uptick on the weekly time frame. This recovery reached the $0.00006284 level after months of continuous drops from its yearly high of $0.00012, which was reached in January.

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ronaldo Marquez

Ronaldo Marquez

Follow

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Full Profile

Related Posts

Newsom

California Gov. Newsom Fires Back At US President With ‘Trump Corruption Coin’ Tease

1 hour ago
Coinbase, OKX Tap Into Australia’s Pension System—Check Out the Best Crypto to Buy as Crypto Adoption Grows.

Coinbase, OKX Tap Into Australia’s Pension System—Check Out the Best Crypto to Buy as Crypto Adoption Grows

1 hour ago
Metaplanet to Add $844M in BTC Treasury to Save Itself: Pump for Bitcoin Hyper?

Metaplanet to Add $844M in $BTC Treasury to Save Itself: Pump for Bitcoin Hyper?

1 hour ago
Best Altcoins to Buy Now – Gemini's Top 3 Picks to Surpass BTC

Best Altcoins to Buy Now – Gemini’s Top 3 Picks to Surpass BTC

1 hour ago
crypto

Tesla Sees $657M Outflows As South Korean Retail Investors Favor Crypto-Related Stocks

8 hours ago
Tron

Tron Drops To Critical Level In Buy/Sell Pressure Delta – Here’s What It Means

17 hours ago

Premium Sponsors

Press Releases

  • The Ethereum DeFi’s Return Sets the Normal for Cloud...

    7 hours ago
  • Earn $8,888 per day – OurCryptoMiner helps you turn...

    7 hours ago
  • OPTO Miner

    XRP’s post-holiday rebound is weak, and OPTO Miner...

    11 hours ago
  • XRP retreats under pressure, while DOT Miners generates...

    16 hours ago
  • Rich Miner Launches New Cloud Mining Strategy: Secure 1,000...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.