$LUNC Clayton, today Do Hyung Kwon, co-founder and former CEO of Terraform Labs PTE, Ltd. ("Terraform"), pleaded guilty to one count of conspiracy to commit fraud in commodities and securities and another count of committing financial fraud related to fraudulent schemes at Terraform. Kwon promoted Terraform as a self-sustaining decentralized financial system that leverages its proprietary blockchain technology to provide its cryptocurrencies, payment system, stock exchange, and savings bank. In reality, unbeknownst to Terraform's investors and users, the core product suite of Terraform did not function as advertised, but was manipulated to create the illusion of an efficient decentralized financial system. Kwon pleaded guilty today before U.S. District Judge Paul A. Engelmayer.