Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded guilty on Tuesday to two U.S. charges of conspiracy to defraud and wire fraud.

Do Kwon, who created the Luna and TerraUSD cryptocurrencies that collapsed in 2022, pleaded guilty to two counts of fraud, capping a spectacular fall from grace.

Terraform co-founder Do Kwon has pleaded guilty to two US chargers of fraud after his actions wiped out $40 billion worth of crypto investments.