'Terra Fraud Allegation' Do Kwon Expected to Plead Guilty... Court Appearance in the U.S. on the 12th

Korea Economic Daily

Summary

It was reported that Do Kwon, CEO of Terraform Labs, may plead guilty.
An emergency conference regarding the Terra and Luna incident charges will be held at the United States District Court for the Southern District of New York.
Do Kwon is standing trial on a total of eight charges, including securities fraud, market manipulation, and money laundering.

Do Kwon, the CEO of Terraform Labs and a key figure in the Terra and Luna cryptocurrency crash, is expected to plead guilty.

On the 11th (local time), Judge Paul Engelmayer of the United States District Court for the Southern District of New York stated in a ruling related to Do Kwon's trial that he had been notified that Do Kwon may change his plea, and announced that an emergency conference would be held in court on the morning of the 12th.

This suggests that Do Kwon may be changing his previous position of pleading not guilty to some or all of the charges, and may now plead guilty.

The U.S. Attorney's Office for the Southern District of New York had previously placed Do Kwon on trial in March 2023 immediately after his arrest in Montenegro for a total of eight charges, including securities fraud, wire fraud, commodities fraud, and conspiracy to commit market manipulation.

Later, after obtaining custody of Do Kwon from Montenegro at the end of last year, prosecutors added a charge of conspiracy to commit money laundering.

Suyoung Kim Hankyung.com Reporter swimmingk@hankyung.com