Coin Edition 2025-08-12 08:10:00

Do Kwon Expected to Change Plea in High-Profile Terra/LUNA Fraud Case

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 been advised of Kwon’s intention to change his plea from “not guilty.” According to the order, Judge Engelmayer has instructed Kwon to prepare a full narrative defense covering all elements of the offenses to which he now intends to plead. The Charges Behind the Terra Collapse Kwon was charged in March 2023 on multiple felony counts, including securities fraud, wire fraud, commodities fraud, conspiracy to defraud, market manipulation, and money laundering conspiracy. The allegations are linked to the 2022 collapse of Terraform’s algorithmic stablecoin TerraUSD (UST) and its paired governance token LUNA, which collectively erased billions of dollars in market v… The post Do Kwon Expected to Change Plea in High-Profile Terra/LUNA Fraud Case appeared first on Coin Edition .

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