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Do Kwon is expected to plead guilty on Tuesday morning in the United States, with charges including conspiracy to commit fraud, etc.
BlockBeats News, August 12th: After years of being charged with fraud and money laundering by the U.S. prosecutors, Terraform Labs co-founder Do Kwon may plead guilty. According to a scheduling order filed in the U.S. Southern District of New York federal court on Monday, Judge Paul Engelmayer wrote: "The Court is advised that the defendant may change his plea."
The judge stated in the order: "…the defendant should be prepared to make a narrative allocution, covering all elements of his plea." A hearing on this matter is scheduled for Tuesday morning.
Kwon, who serves as Terraform's CEO, has not yet responded to a request for comment from his lawyer. Kwon had previously pleaded not guilty in January of this year. Kwon was criminally charged in March 2023 with allegations including conspiracy to commit fraud, commodity fraud, wire fraud, securities fraud, conspiracy to commit fraud, and a conspiracy to engage in market manipulation and money laundering. These charges are related to his role in the algorithmic stablecoin Terra USD (UST). UST suffered a severe collapse in 2022, resulting in the loss of billions of dollars.
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