TechFlow, August 12 — According to The Block, federal court documents from the Southern District of New York indicate that Do Kwon, co-founder of Terraform Labs, may change his plea and plead guilty on Tuesday morning. Do Kwon was indicted by U.S. prosecutors in March 2023 over the collapse of the algorithmic stablecoin Terra USD (UST), facing multiple charges including conspiracy to commit fraud, commodities fraud, wire fraud, securities fraud, market manipulation, and money laundering.
Judge Paul Engelmayer stated in a scheduling order: "The Court has been informed that the defendant may change his plea," and directed the defendant to prepare a statement regarding the guilty plea. Do Kwon previously pleaded not guilty to all charges in January of this year.
