NEW YORK (AP) — South Korean cryptocurrency mogul Do Kwon pleaded guilty on Tuesday to two fraud charges arising from the $40 billion collapse of a cryptocurrency ecosystem that had promised investors their money was safe. Kwon, 33, dubbed by some as “the cryptocurrency king,” entered the plea in Manhattan federal court.

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.

He has been accused of a helping to spark a cryptocurrency crisis that cost investors more than $40bn.