Why terraform Is Trending Today?

Terraform Labs founder Do Kwon has pleaded guilty to fraud charges related to the collapse of the Terra ecosystem, which resulted in losses of over $40 billion. The 33-year-old South Korean national admitted to conspiracy and wire fraud in a U.S. court, potentially facing up to 25 years in prison. The guilty plea comes after the stablecoin TerraUSD and its sister token Luna crashed in May 2022, leading to widespread investor losses.

Do Kwon, the founder of Terraform Labs, has pleaded guilty to two charges related to his role in the company. This plea comes after allegations of a "secret bailout" surfaced in the $40 billion fraud case involving the Terraform project. The guilty plea could result in a potential 12-year prison sentence for Kwon.