Terraform Labs co-founder Do Kwon has changed his plea to guilty on two of nine charges he faces, notably on wire fraud.
Change of Plea
On October 3, 2023, Kwon waived his right to a trial in the US District Court for the Southern District of New York, pleading guilty. These charges could carry a potential maximum sentence of up to 25 years if served consecutively.
Charges Against Do Kwon
Kwon was indicted in March 2023 on multiple charges, including securities fraud, market manipulation, money laundering, and wire fraud concerning his role at Terraform Labs.
Arrest and Extradition
Kwon first appeared in New York court in January after his extradition from Montenegro, where he was arrested for using falsified travel documents. He remained in US custody without bail, as his whereabouts were largely unknown after the Terra crash in 2022.
The case against Do Kwon is ongoing, and more information will be updated as it becomes available.
