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.

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.

Prosecutors plan to recommend a sentence of 12 years, and $19 million in penalties, as long as Kwon doesn’t commit any more crimes.