Terra founder Do Kwon is expected to plead guilty in a fraud case related to the collapse of TerraUSD in 2022.
Court Proceedings for Do Kwon
U.S. District Judge Paul Engelmayer in New York has scheduled a hearing for Tuesday regarding the plea. In his ruling, the judge stated that if Kwon pleads guilty, he must be prepared to explain how he violated the law.
Charges Against Do Kwon
Kwon declared his innocence in January after a two-year extradition battle, during which there was debate over whether he would be tried in the U.S. or his native South Korea. He faces indictments in both countries concerning the collapse of Singapore-based Terraform Labs' TerraUSD.
Consequences of the TerraUSD Crash
The TerraUSD collapse in the spring of 2022 had significant repercussions for the cryptocurrency market and contributed to the collapse of the FTX exchange.
Kwon's intended guilty plea could have important implications for him and the wider cryptocurrency market.
