Terraform Labs founder Do Kwon may plead guilty, US court sets hearing for August 12

PANews reported on August 12 that according to Coindesk, Terraform Labs founder Do Kwon may change his previous "not guilty" plea at the hearing at 10:30 pm on August 12.

Kwon reportedly faces multiple charges of fraud and market manipulation related to Terraform's operations and the collapse of the Terra/Luna stablecoin network. He has also been ordered by the U.S. Securities and Exchange Commission to pay $4.5 billion in fines and restitution in a civil case. The case was originally scheduled to go to trial in January of next year, with prosecutors reviewing 6 terabytes of data. Kwon was extradited to the United States from Montenegro last year after being detained for attempting to leave the country with a false passport. Prior to the trial, the judge required defense counsel to review any plea agreements or related documents with the defendant.