NEW YORK, Aug. 13 (Xinhua) -- Do Hyeong Kwon, the South Korean co-founder and CEO of crypto firm Terraform Labs, pled guilty on Tuesday to two U.S. fraud charges related to the 40-billion-dollar collapse of the cryptocurrencies he created.
Kwon, 33, "used the technological promise and investment euphoria around cryptocurrency to commit one of the largest frauds in history," said U.S. Attorney for the Southern District of New York Jay Clayton in a statement.
"Kwon attracted tens of billions in funds to Terraform's ecosystem by promising a self-stabilizing stablecoin. By the time the markets discovered the ecosystem was unstable, it was too late: the system collapsed, and investors around the world suffered billions in losses," Clayton said.
Kwon, dubbed by some as "the cryptocurrency king," is scheduled to be sentenced on Dec. 11 and faces up to 25 years in prison. ■
