The Terraform Labs co-founder was indicted in 2023 on nine charges related to the collapse of the ecosystem, resulting in an estimated $40 billion in losses.
Terraform Labs co-founder Do Kwon has changed his plea from not guilty to guilty on two counts of wire fraud and conspiracy to defraud.
According to reporting on Tuesday from the US District Court in the Southern District of New York (SDNY), Kwon waived his right to go to trial on two of the nine charges he has been facing from the US government and pleaded guilty. The reported plea agreement with prosecutors would impose $19 million in financial penalties.
The two felony charges could carry up to a 25-year prison sentence if served consecutively, but the agreement reportedly would have prosecutors not recommend more than 12 years. Kwon’s sentencing hearing was scheduled for Dec. 11.
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