Core Insights - Amazon is undergoing significant layoffs in its video game development and publishing divisions, particularly affecting its studios in San Diego and Irvine, as part of a strategic reevaluation of its gaming business [1][6] - The company has decided to halt a substantial portion of its first-party AAA game development, especially in the MMO segment, which reflects a broader shift in strategy within Amazon Games [1][6] - The recent launch of Luna, Amazon's new gaming platform, emphasizes a focus on streaming entertainment and delivering value to Prime members, indicating a pivot towards integrating gaming with Amazon's broader service offerings [3][5] Company Strategy - The company is critically assessing the evolving dynamics of the gaming industry and competitive landscape, leading to the decision to reduce roles in its game studios and central publishing team [1][6] - Amazon aims to deliver the best gaming experiences while leveraging its strengths, as demonstrated by the launch of Luna with a catalog of social party games and AAA titles [5][6] - Despite the cuts, Amazon continues to develop games, with ongoing projects like March of Giants and collaborations with external studios for upcoming titles [7] Impact on Employees - The layoffs are part of a larger corporate restructuring, with notifications already sent to most affected employees, while others will follow local processes [8] - The company acknowledges the difficulty of these changes and the impact on team members who have contributed significantly to its gaming efforts [9]

Core Insights - Do Kwon, once a prominent figure in the cryptocurrency world, has become the central figure in one of the largest financial fraud cases in history, facing significant legal consequences for misleading investors and causing substantial financial losses [3][4][100]. Group 1: Background and Rise - Do Kwon was born in Seoul in 1991 to a middle-class family, showing exceptional intelligence from a young age, particularly in mathematics [8][10][9]. - He attended one of Korea's elite high schools and later graduated from Stanford University, where he was influenced by the entrepreneurial culture of Silicon Valley [11][15][20]. - After returning to Korea, he founded Anyfi in 2016, which aimed to disrupt the telecommunications industry using blockchain technology, but the project ultimately failed [21][25][27]. - In 2018, he co-founded Terraform Labs in Singapore, focusing on creating an algorithmic stablecoin system with TerraUSD (UST) and Luna tokens [28][31][30]. Group 2: Business Model and Expansion - The Terra ecosystem was designed to maintain UST's peg to the US dollar through a dual-token mechanism, which Kwon described as a revolutionary approach to currency [32][35][40]. - By the end of 2020, UST's market capitalization reached several hundred million dollars, and Kwon was recognized as a pioneer in algorithmic stablecoins [40][41]. - In 2021, Kwon launched the Anchor Protocol, promising unsustainable high yields, which attracted significant investment but was fundamentally flawed [43][49][48]. Group 3: Downfall and Legal Issues - The collapse of the Terra ecosystem began in May 2022, leading to massive financial losses for investors, estimated at $40 billion, and triggering regulatory investigations [68][75][77]. - Following the collapse, Kwon attempted to evade legal consequences, leading to an international manhunt and his eventual arrest in Montenegro [79][86][90]. - In August 2025, Kwon pleaded guilty to multiple charges in a New York federal court, marking a significant legal milestone in cryptocurrency fraud enforcement [99][100].

Group 1 - Ethereum (ETH) has seen a significant price increase, briefly surpassing $4700, currently trading at $4675.57 with a 24-hour increase of 6.71% [1] - Bitcoin (BTC) also experienced a rise, briefly exceeding $122,000, currently at $121,958 with a 24-hour increase of 2.63% [1] - OKX has completed a strategic upgrade of its X Layer, focusing on DeFi, payments, and RWA scenarios, and has burned 65,256,712.097 OKB tokens, fixing the total supply at 21 million [1] Group 2 - Do Kwon, co-founder of Terraform Labs, has pleaded guilty to federal charges of conspiracy to commit fraud and wire fraud, potentially facing up to 25 years in prison due to the collapse of TerraUSD and Luna, which resulted in approximately $40 billion in losses [2]

🚨 UPDATE: Do Kwon has pleaded guilty in the U.S. to conspiracy to defraud and wire fraud over the $40 billion TerraUSD and Luna collapse, facing up to 25 years in prison. https://t.co/b3tXeekswQ ...

According to Reuters, Terraform Labs co-founder Do Kwon pleaded guilty in the U.S. on Tuesday to two federal charges: conspiracy to defraud and wire fraud. Kwon was behind the development of the cryptocurrencies TerraUSD and Luna, whose collapse led to an estimated $40 billion in losses. If convicted, he could face up to 25 years in prison.https://t.co/ApjoDsXqhA ...

Core Points - Kwon Do-hyung, a prominent figure in the cryptocurrency space, has admitted to fraud charges in a U.S. court, marking a significant turn in his legal battle following the collapse of his stablecoin TerraUSD and its associated token Luna [1][3] Group 1: Legal Proceedings - Kwon reached a plea deal with the Manhattan U.S. Attorney's Office, changing his previous not guilty plea to guilty on charges of telecommunications fraud, securities fraud, and commodities fraud [1] - He faces a maximum sentence of 25 years but could receive no more than 12 years if he complies with the plea agreement [1] - The court is set to announce the sentencing on December 11 [1] Group 2: Background and Impact - Kwon co-founded Terraform Labs in 2018, creating the once-popular stablecoin TerraUSD and its token Luna, which saw a dramatic collapse in May 2022, resulting in approximately $40 billion in losses for global investors [1][2] - The U.S. Securities and Exchange Commission has filed a civil lawsuit against Kwon, accusing him of orchestrating a multi-billion dollar securities fraud scheme [2] - Kwon's actions are seen as part of a broader trend of instability in the cryptocurrency market, leading to increased scrutiny and regulatory measures across multiple countries [4]

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 (UST) and its sister coin Luna, which resulted in a loss of over $40 billion in market value within a week in May 2022 [1][2][5]. Group 1: Collapse of TerraUSD and Luna - The algorithmic stablecoin TerraUSD 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 once a significant funding gap occurred, the stablecoin's de-pegging became inevitable, leading to a "death spiral" as Luna's price plummeted [2][3]. - Within just five days, Luna's price fell from $80 to nearly worthless, and TerraUSD never regained its peg [3] Group 2: Impact on the Cryptocurrency Market - The collapse of TerraUSD and Luna ended the preceding cryptocurrency bull market, causing numerous crypto companies to go bankrupt, with Bitcoin's price dropping from $69,000 to $16,000 over the course of nearly a year [5]. Group 3: Legal Proceedings and Guilty Plea - After going into hiding following the collapse, Do Kwon was arrested in Montenegro in March 2023 while attempting to flee with a fake passport [7]. - His guilty plea signifies a decision to cease resistance against prosecutors, where he admitted to intentionally deceiving cryptocurrency buyers and acknowledged the fraudulent nature of his statements regarding TerraUSD's ability to self-recover [8]. - 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 sentence is imposed [8][9].

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].

RT BSCN (@BSCNews)DO KWON EXPECTED TO PLEAD GUILTY IN $40B TERRAUSD COLLAPSE CASE- Terraform Labs co-founder Do Kwon is expected to plead guilty Tuesday in Manhattan federal court to U.S. fraud charges over the 2022 TerraUSD collapse that erased $40B in value, court records show.- According to Reuters, Judge Paul Engelmayer scheduled a change-of-plea hearing for 10:30 a.m. EDT and ordered Kwon to detail how he broke the law.- The 33-year-old had pleaded not guilty in January after a yearlong extradition bat ...

DO KWON EXPECTED TO PLEAD GUILTY IN $40B TERRAUSD COLLAPSE CASE- Terraform Labs co-founder Do Kwon is expected to plead guilty Tuesday in Manhattan federal court to U.S. fraud charges over the 2022 TerraUSD collapse that erased $40B in value, court records show.- According to Reuters, Judge Paul Engelmayer scheduled a change-of-plea hearing for 10:30 a.m. EDT and ordered Kwon to detail how he broke the law.- The 33-year-old had pleaded not guilty in January after a yearlong extradition battle between the U. ...