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.

Do Kwon, the South Korean founder of Terraform Labs, has pleaded guilty in the United States to two counts of fraud tied to the $40 billion collapse of TerraUSD and Luna, according to court proceedings in Manhattan on Tuesday.

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