Terraform Labs Founder May Plead Guilty in U.S. Crypto Case
Do Kwon, the founder of Terraform Labs, is reportedly considering pleading guilty to a U.S. criminal case linked to the $40 billion Terra crash in 2022.
According to Bloomberg, discussions for a possible plea deal are underway. This development comes as both Terra (LUNA) and Terra Luna Classic (LUNC) face uncertain times amid ongoing legal challenges.
Since his detention in montenegro for suspected fraud in march 2023, Kwon’s legal troubles have escalated. He now faces fraud charges in the U.S., tied to the failure of TerraUSD, an algorithmic stablecoin.
- Kwon is under U.S. custody after extradition.
- Terraform Labs denies any wrongdoing.
- A plea deal could expedite proceedings but won’t resolve international charges.
LUNA currently trades near $0.1602, just above its 20-day moving average. The coin has consolidated between $0.148 and $0.169 over the past week. A breakout above $0.169 might push it to $0.176 and $0.190.
LUNC stands at $0.00006116, close to its 20-day moving average. It has seen a mild recovery but remains volatile. prices could hit $0.00007000 if it breaks $0.00006417, or drop back to $0.00005700 otherwise.
Both coins’ performance continues to hinge on lingering legal uncertainties. Investors remain cautious, awaiting further developments in Kwon’s case.
