Terra (LUNA) founder Do Kwon is set to plead guilty in a US fraud case linked to the $40 billion TerraUSD stablecoin crash in 2022.
U.S. District Judge Paul Engelmayer in New York scheduled a hearing on amending the guilty plea for Tuesday. In his ruling today, the judge stated that if Kwon pleads guilty, he must be prepared to explain how he violated the law.
Kwon declared his innocence in January after a two-year extradition battle. During this period, there was debate over whether he would be tried in the United States or his native South Korea.
Kwon, who was indicted in both the US and South Korea in connection with the collapse of Singapore-based Terraform Labs’ TerraUSD, played a significant role in the subsequent decline that shook the crypto world in the spring of 2022. This collapse also contributed to the collapse of crypto exchange FTX.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-terra-luna-founder-do-kwon-reportedly-to-plead-guilty-tomorrow/