NEW YORK (Reuters) — Do Kwon, the South Korean cryptocurrency entrepreneur facing U.S. fraud charges over two digital currencies that lost an estimated $40 billion in 2022, is expected to enter a guilty plea, court records showed on Monday.
In a brief scheduling order, U.S. District Judge Paul Engelmayer said he had been advised that Kwon may change his plea and set a hearing for Tuesday at 10:30 a.m. Eastern time in Manhattan federal court.
Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, had previously pleaded not guilty to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Neither lawyers for Kwon nor the Manhattan U.S. attorney's office, which brought the charges, immediately responded to requests for comment.