Terraform Labs Pte. co-founder Do Kwon pleaded guilty to charges in a US fraud prosecution tied to the $40 billion collapse of the TerraUSD stablecoin in 2022.

Kwon pleaded guilty to conspiracy and wire fraud under an agreement with prosecutors at a hearing in New York on Tuesday. The 33-year-old, dressed in a yellow prison jumpsuit, also agreed to forfeit $19.3 million and some properties as part of the plea deal.

“I knowingly agreed with others to defraud, and did in fact defraud, purchasers of cryptocurrencies issued by my company, Terraform Labs,” Kwon said, reading from a statement. “What I did was wrong and I want to apologize for my conduct. I take full responsibility.”

Kwon was charged in both South Korea and the U.S. in connection with the implosion of Singapore-based Terraform

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