New York -TerraForm Labs founder Do Kwon pleaded guilty to conspiracy to commit fraud and wire fraud on Tuesday morning, three years after the dramatic collapse of Terra/Luna StableCoin ecosystem.
33-year-old Korean citizen wearing a Canary Yellow Prison Jumpsuit said he “deliberately employed StableCOin.
Judge Paul Engelmayer, who oversees the case, went the Terra creator through the charges of establishing Kwon was actually guilty of the allegations described in a previous indictment that had included seven other charges, such as securities and goods -fraud.
Under the conditions of the plea of an agreement established by an assistant US lawyer, Kwon agreed to pay a maximum forfeiture of $ 19 million plus interest, forfeited a certain property and pay refund. He also did not accept to contest the actual claims in the indictment. In return, DOJ accepted to recommend a maximum sentence of 12 years. Once he has served half of his ultimate judgment, DOJ agreed to support any movement Kwon provides an international prisoner transfer.
Kwon’s lawyer said there are still open charges against him in South Korea.
In a prepared statement, Kwon said he had worked with others to scam UST buyers in South Korea, the southern district of New York and other places between 2018 and 2022, and that he had used international and interstate wires to do so.
“In 2021, I made fake and misleading statements about why [UST] regained his stick, “he said, noting that a trading company had been involved.” What I did was wrong and I will apologize for my behavior. “
