Do Kwon Expected to Change Plea in High-Profile Terra/LUNA Fraud Case
Main Idea
Do Kwon, co-founder of Terraform Labs, is expected to change his plea in a U.S. fraud case related to the 2022 collapse of TerraUSD and LUNA, which caused billions in losses.
Key Points
1. Do Kwon may change his plea in a New York federal court on August 12, 2025, after being extradited from Montenegro and held without bail for seven months.
2. Kwon was charged in March 2023 with multiple felony counts tied to the collapse of TerraUSD (UST) and LUNA, which erased billions in value.
3. Prosecutors allege the algorithmic system designed to maintain UST's value failed in May 2022, leading to widespread financial losses.
4. Kwon pleaded not guilty in January 2025 after being transferred to U.S. custody in December 2024 and has been held without bail since.
5. Terraform Labs settled with the SEC in 2024, agreeing to pay approximately $4.5 billion in penalties, separate from Kwon's criminal case.
Description
Do Kwon may change plea in U.S. fraud case tied to 2022 TerraUSD and LUNA collapse. Charges include securities fraud, wire fraud, market manipulation, and money laundering. Extradited from Montenegro, Kwon has been held without bail for seven months. Do Kwon, the co-founder of the collapsed Terraform Labs, is expected to change his plea in his high-profile fraud case in a New York federal court today, Tuesday, August 12. The update follows a filing where Judge Paul Engelmayer noted the court had...
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