“King Kryptocras”, Quon pleads guilty of fraud

Former South Korean technology executor, who is accused of helping to ignite the cryptocurrency, which cost investors more than $ 40 billion (£ 31.8 billion), pleaded guilty of two criminal fraud points.

DO Kwon was the Boss of the Singapore Laboratory Terraform, which ruled two cryptocurrencies – terrausd and luna – both of them collapsed in 2022, causing a wider sale on the cry.

The United States says it is responsible for the failure of two digital currencies, accusing him of “orchestras of multi-billion dollar frauds with crypto activists.”

As part of the agreement on the guilt, the prosecutor’s office agreed to refrain from finding a sentence for more than 12 years. The Quon must be sentenced on December 11.

Kwon’s fault “emphasizes the importance of accountability in the digital asset sector,” said Tod Snyder, who was appointed by US authorities and Terraform laboratories to control the company’s liquidation.

He added that those who contributed to the Terraform Lab, will take into account the firm and that the assets would be restored in the interests of the applicants.

Kwon’s wine in a court in New York comes after a long legal battle.

It initially escaped from South Korea after In 2023 a warrant was issued for his arresteventually in Montenegro where Its arrested and nails Before being extradited to the US.

US prosecutors said Kwon was incorrectly presented with functions that had to keep the so -called stable $ 1 without intervention.

They claimed that in 2021, Kwon organized a trading firm to unexpectedly buy a millions of dollars to restore Terrausd value, even when he told investors that a responsible computer algorithm called Terra Protocol.

Prosecutors say that the incorrect submission forced a wide range of investors to buy Terraform offers, which helped to provide the cost of Luna Token that was closely linked to Terrausd.

The following year, the Kwon and the cryptocurrency of the Luna crashed.

“In 2021, I made false and deceptive statements about why Terrausd returned my caulk,” he said in court on Tuesday.

“What I did was wrong and I want to apologize for my behavior,” he added.

Initially, Quon did not find himself guilty of nine articles arising from the accident, including securities and rights fraud, as well as money laundering conspiracy.

He has encountered 135 years in prison when he was sentenced to charge of an initial charge.

As part of his agreement on the guilt, Kwon agreed to refrain from challenging the charges.

It should also get rid of $ 19.3 million plus interest and several objects and pay restitution.

While the prosecutor’s office agreed to restrict the requested term to 12 years, Judge Paul Engemer claimed that he had the right to appoint a longer term.

This sentence may be up to 25 years in prison.

According to the prosecutor, he is still facing allegations in South Korea.