#FOMCWatch $LUNC Clayton, today Do Hyung Kwon, the 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 in Terraform. Kwon promoted Terraform as a self-sustaining decentralized financial system, leveraging its proprietary blockchain technology to provide its cryptocurrencies, payment system, stock market, 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 a decentralized and efficient financial system. Kwon pleaded guilty today before U.S. District Judge Paul A. Engelmayer.