Core Viewpoint - Do Kwon, the notorious former cryptocurrency mogul, pleaded guilty to two fraud charges in a New York federal court, marking a significant development in the aftermath of the collapse of the algorithmic stablecoin TerraUSD and its sister coin Luna, which resulted in over $40 billion in market value evaporating within a week [1][5]. Group 1: Background of the Collapse - The algorithmic stablecoin TerraUSD (UST) was designed without backing from fiat currency or physical assets, relying instead on a dual-token system with Luna to maintain its price peg [2]. - The mechanism depended heavily on participant confidence and funds, leading to a predictable failure when large-scale withdrawals occurred, resulting in UST losing its peg [2][3]. - Within just five days, Luna's price plummeted from $80 to nearly worthless, and TerraUSD never regained its peg [4]. Group 2: Legal Proceedings and Consequences - Following the collapse, Do Kwon went into hiding but was arrested in Montenegro while attempting to flee with a fake passport [6]. - In court, Do Kwon admitted to intentionally misleading investors about TerraUSD's ability to recover its peg, acknowledging that his statements were false and potentially illegal [7]. - As part of a plea agreement, Do Kwon pleaded guilty to one count of conspiracy and one count of wire fraud, with prosecutors seeking a sentence of no more than 12 years, although he could face up to 25 years if the maximum penalty is imposed [7].
引爆上一轮加密货币大崩盘的男人认罪,面临十余年铁窗生涯
Feng Huang Wang·2025-08-13 00:15