By Luc Cohen NEW YORK (Reuters) -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.

NEW YORK (AP) — South Korean cryptocurrency mogul Do Kwon pleaded guilty on Tuesday to two fraud charges arising from the $40 billion collapse of a cryptocurrency ecosystem that had promised investors their money was safe. Kwon, 33, dubbed by some as “the cryptocurrency king,” entered the plea in Manhattan federal court.

Terraform Labs co-founder Do Kwon has agreed to plead guilty to wire fraud and conspiracy charges, securing a reduced 12-year sentence recommendation and over $19 million in penalties, avoiding a trial in the high-profile TerraUSD collapse case.