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, 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.

Kwon, donning a yellow prison jumpsuit, appeared before Judge Paul Engelmayer in Manhattan court to accept a negotiated plea agreement with prosecutors. He accepted responsibility for a portion of the charges brought against him and apologized for his actions as details of the plea agreement were read in open court.