Do Kwon, the former head of Terraform Labs and one of the most controversial figures in the crypto world, has pleaded guilty to two counts of fraud over the 2022 collapse of TerraUSD and Luna — a crash that wiped out over $40 billion and sent shockwaves through global cryptocurrency markets. US prosecutors accuse Kwon of orchestrating a multi-billion dollar crypto securities fraud, while investors worldwide grappled with massive losses. As part of his plea deal, prosecutors will not seek a sentence longer than 12 years, with final sentencing set for 11 December.