Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded guilty on Tuesday to two U.S. charges of conspiracy to defraud and wire fraud.

Terraform co-founder Do Kwon has pleaded guilty to two US chargers of fraud after his actions wiped out $40 billion worth of crypto investments.

Do Kwon, who created the Luna and TerraUSD cryptocurrencies that collapsed in 2022, pleaded guilty to two counts of fraud, capping a spectacular fall from grace.