Do Kwon, founder of Terraform Labs, has been embroiled in a series of legal battles since the collapse of the TerraUSD stablecoin and the Luna token in 2022. Following his arrest in Montenegro and extradition to the U.S., he has faced an overwhelming array of nine federal charges. Today, he has agreed to plead.
Court reporters stated that Do Kwon would avoid a trial altogether by entering a plea agreement in advance. Still, this is a very serious decision. If convicted on the nine charges, he could face up to 100 years in prison.
Based on court documents, it is unclear what his overall strategy is here. Plea agreements are often part of a plan to testify against other conspirators, but Do Kwon is the central figure in this incident.
His testimony "will incorporate all elements of the offense(s) to which [he] is pleading guilty," but the publicly available evidence does not give us further clues. For now, all we can say is that this historic trial will not unfold as anticipated.
