Do Kwon intends to plead guilty to conspiracy and wire fraud charges.

At a US court hearing, the judge indicated Do Kwon will plead to two charges related to the $40B+ crypto collapse. Kwon was previously accused of misleading investors about TerraUSD’s peg and covertly instructing an HFT firm to support the price, pushing UST and Luna to $50B market cap in spring 2022. Kwon previously settled with the SEC, agreeing to an $80M fine and a ban from crypto trading. He has been detained since extradition from Montenegro in 2024.