PANews reported on August 13th that Terraform Labs founder Do Kwon pleaded guilty in New York to conspiracy to commit wire fraud and wire fraud in connection with the plummeting TerraUSD and Luna markets, resulting in investor losses of approximately $40 billion. Prosecutors allege he misled investors by concealing information about high-frequency trading firms manipulating TerraUSD's price. 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 have agreed to a recommendation of no more than 12 years following his guilty plea.