South Korean cryptocurrency specialist Do Kwon pleaded guilty to fraud charges in front of a New York judge on Tuesday following his firm’s multi-billion-dollar bankruptcy, court filings showed.

Do Kwon, who founded Terraform and nurtured two cryptocurrencies central to the bankruptcy, had faced nine counts in a superseding indictment filed by prosecutors in January 2025 to which he initially pleaded not guilty.

The fallen mogul changed his plea in a hearing before Southern District of New York judge Paul Engelmayer, and will be sentenced on December 11, the docket showed.

He was extradited last year from Montenegro to the United States for his role in a fraud linked to his company’s failure, which wiped out about $40 billion of investors’ money and shook global crypto markets.

The cry

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