A federal judge has set a conference for Tuesday regarding Do Kwon, co-founder of Terraform Labs, where he might change his plea. Judge Paul Engelmayer of the US District Court for the Southern District of New York has summoned the involved parties, indicating Kwon may be ready to alter his not guilty plea to nine felony charges. Kwon was extradited from Montenegro to the US after a lengthy legal battle and initially pleaded not guilty in January. The judge emphasized that Kwon should prepare a narrative allocution for the plea, with assistance from his legal team. Kwon faces serious allegations, including securities fraud and market manipulation, linked to the collapse of the Terra ecosystem, which resulted in a loss of $40 billion for investors. His legal team has been in discussions with US authorities regarding a potential plea deal. Kwon has been held without bail for about seven months, with his trial initially set for January 2026. Read more AI-generated news on: https://app.chaingpt.org/news