Aug. 13 (UPI) -- Former crypto CEO Do Kwon pleaded guilty to federal charges related to financial fraud that cost victims billions of dollars.

The co-founder and former CEO of the defunct Terraform Labs blockchain and cryptocurrency company, Kwon pleaded guilty Tuesday to one count of conspiring to commit commodities fraud, securities fraud, and wire fraud, as well as one count of committing wire fraud in connection to his admitted deceitful actions at Terraform.

"Do Kwon used the technological promise and investment euphoria around cryptocurrency to commit one of the largest frauds in history," said U.S. Attorney Jay Clayton in a press release .

According to the U.S. Attorney's Office of the Southern District of New York, Terraform, under Kwon, offered a unique blockchain that iss

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