South Korean entrepreneur Do Kwon, dubbed by some as 'Cryptocurrency King', has pleaded guilty to conspiracy to defraud and wire fraud. Kwon, who was behind cryptocurrencies TerraUSD and Luna which lost $40 billion (nearly ₹3.5 lakh crore) in 2022, co-founded Terraform Labs and faced 25 years in prison, which may be reduced to 12 years with his admission.