According to Reuters, Terraform Labs founder Do Kwon pleaded guilty in New York to conspiracy to commit wire fraud and wire fraud in connection with the plunge of TerraUSD and Luna, which resulted in investor losses of approximately $40 billion. Prosecutors allege he misled investors by concealing the manipulation of TerraUSD's price by high-frequency trading firms. Kwon agreed to pay an $80 million fine and be banned from crypto trading. His sentencing, to be announced on December 11th, carries a maximum sentence of 25 years, though prosecutors, in agreement with his guilty plea, recommended a maximum of 12 years.