NEW YORK (AP) — Cryptocurrency mogul Do Kwon is scheduled to be sentenced Thursday for misleading investors who lost billions when his company’s crypto ecosystem collapsed in 2022 .

Kwon, known by some as “the cryptocurrency king,” pleaded guilty in Manhattan federal court in August to fraud charges stemming from Terraform Labs’ $40 billion crash.

The company had touted its TerraUSD as a reliable “stablecoin” — a kind of currency typically pegged to stable assets to prevent drastic fluctuations in prices. But prosecutors say it was all an illusion that came crumbling down, devastating investors and triggering “a cascade of crises that swept through cryptocurrency markets.”

Kwon, who hails from South Korea, has agreed to forfeit over $19 million as part of the plea deal.

While feder

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