Du Kon, one of the founders of TerraForm Labs, has admitted that he is guilty of a fraud case in the United States related to the Terrausd Stablecoin incident of $ 40 billion in 2022.
In a hearing in New York today, Coone admitted that he was guilty of conspiring and fraud in a deal with the prosecutor. After appearing in court in the yellow prison uniform, he also agreed to pay a fine of $ 19.3 million and lost some of his assets.
He said: “I conspired with others to defraud the buyer of the encrypted currencies issued by the Terraform Labs, and I did it with knowledge. This was a mistake, and I apologize for my actions. I accept full responsibility.”
Coone, who was also accused in the United States and South Korea, played a major role in the crisis that started with the collapse of Terrausd, which led to great fluctuations in the encryption market in the spring of 2022 and the bankruptcy of FTX exchange.
Under the agreement reached with the prosecutors, KWON faces up to 12 years in prison if he does not commit any new crimes. Under normal circumstances, the drawings bear a total sentence of up to 25 years.
KWON was charged in the United States in 2023, and he was arrested in Montenegro with a fake passport after nearly two years in the range, and he was handed over to the United States in January after he was sentenced. This development allowed the case to be concluded early, which is doing its best to trial for the next year.
*This is not an investment advice.