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Terraform Labs co-founder Do Kwon is set to appear in a New York courtroom on August 12 for a hearing that could see him change his plea in a US criminal case.
The order for the session was filed on August 11 in the Southern District of New York.
Kwon appeared in the same court in January, where he pleaded not guilty to nine felony charges. Those charges include securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering.
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His arraignment came after several months of legal proceedings in Montenegro that ended with his extradition to the United States. He has been held without bail for about seven months, and his trial had been scheduled for January 2026.
Prosecutors said Kwon’s actions played a role in the collapse of the Terra blockchain in 2022, which wiped out around $40 billion in market value. They claimed that he misled investors and used the project to benefit himself. In addition to the US case, Kwon also faces criminal charges in South Korea.
The judge’s order states that if Kwon decides to plead guilty, he must be ready to give a statement in court explaining his actions and how they meet the legal requirements of the charges.
His lawyers are encouraged to help prepare this statement so it can be read during the hearing.
Recently, former users of the collapsed crypto exchange FTX asked a court to let them update their lawsuit against Fenwick & West. What did they say? Read the full story.
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