Do Kwon, the founder of Terraform Labs, may change his plea to 'not guilty' during the trial on August 12.
He is facing charges of fraud and market manipulation related to the collapse of the Terra/Luna network along with a $4.5 billion penalty imposed by the U.S. Securities and Exchange Commission.
MAIN CONTENT
Do Kwon may change his plea at the trial on August 12.
Allegations related to fraud and market manipulation of Terra/Luna.
The U.S. Securities and Exchange Commission requests a $4.5 billion penalty in the civil lawsuit.
What specific charges is Do Kwon facing from the United States?
Do Kwon faces numerous allegations of fraud and market manipulation stemming from Terraform Labs' activities and the collapse of the Terra/Luna stablecoin.
These allegations include price manipulation and fraud during operations, raising serious issues for investors and the cryptocurrency market. Mr. Kwon's case is considered one of the biggest scandals in cryptocurrency history.
How are the trial and legal proceedings related to Do Kwon progressing?
Do Kwon's trial is scheduled for 10 PM on August 12, where he may change his previous 'not guilty' plea.
Mr. Kwon was extradited from Montenegro to the United States after being arrested for attempting to leave the country using a fake passport. Initially, the trial was scheduled for January next year with over 6 terabytes of data being closely reviewed by prosecutors.
Do Kwon is 'considering changing his plea, which will affect the course of the trial.'
According to a report from Coindesk, on August 12, 2024
What penalties has the U.S. Securities and Exchange Commission imposed on Do Kwon?
The U.S. Securities and Exchange Commission has demanded that Do Kwon pay a penalty of $4.5 billion, including fines and restitution in a civil lawsuit.
The record penalty reflects the regulatory body's strictness against fraudulent activities and market manipulation in the cryptocurrency industry, aiming to protect investors and maintain transparency.
What does reviewing the plea mean for the trial process?
Before the trial, the judge requested Do Kwon's lawyer to thoroughly discuss the plea change proposals with him.
This process ensures that all decisions come from the voluntary will and understanding of the defendant while supporting a fair and transparent trial process.
Frequently Asked Questions
What specific actions is Do Kwon accused of?
He is charged with fraud and cryptocurrency price manipulation related to Terra/Luna.
When will the trial for Do Kwon take place?
The trial is set to begin at 10 PM on August 12, 2024, in the United States.
What volume of data is used to assess the case?
Over 6 terabytes of data have been meticulously analyzed by prosecutors.
How much is the U.S. Securities and Exchange Commission fining Do Kwon?
Do Kwon must pay $4.5 billion as per the SEC's decision.
How does changing the plea affect the trial?
To help ensure legal rights, reflecting the defendant's cooperation in the trial.
Source: https://tintucbitcoin.com/terraform-labs-do-kwon-nhan-toi-ngay-12-8/
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