Crypto King Do Kwon’s Guilty Plea Exposes Global Crypto Fraud Threat to American Investors

In a stark reminder that rogue actors exploit unregulated markets at the expense of hardworking Americans and global investors alike, South Korean cryptocurrency mogul Do Kwon—the so-called "cryptocurrency king"—pleaded guilty to multiple fraud charges this week in Manhattan federal court. Kwon’s admission centers on his role in Terraform Labs’ catastrophic $40 billion collapse. Once hailed as an innovative firm, Terraform promised investors a "stablecoin" backed by reliable assets, assuring financial stability and safety. Yet, when TerraUSD plunged far below its $1 peg, investors worldwide—including many Americans—suffered staggering losses. How Did This Happen Under Our Watch? The core of this financial...