South Korean cryptocurrency mogul Do Kwon pleaded guilty to fraud charges from a $40 billion cryptocurrency crash. Kwon, dubbed “the cryptocurrency king,” faces up to 12 years in prison. Investors globally lost money in Terraform Labs’ collapse. The stablecoin TerraUSD plummeted, erasing $40 billion in market value.

Kwon was extradited to the US from Montenegro after being arrested in Europe. He pleaded guilty to fraud charges and agreed to forfeit over $19 million. Kwon admitted to making false statements to investors. Attorney Jay Clayton called it one of the largest frauds in history, causing billions in losses worldwide.

Read more at Yahoo Finance: Crypto mogul Do Kwon, known as ‘the cryptocurrency king,’ pleads guilty to fraud charges