Crypto Boss Do Kwon Ready To Confess Guilty Of Fraud Of IDR 651 Trillion

JAKARTA - Do Kwon, a South Korean crypto entrepreneur who faces fraud charges in the US over two digital currencies that lost a value of up to US$40 billion (Rp651 trillion) in 2022, is expected to file a guilty confession. This is known, according to court records seen on Monday, August 11.

In a brief schedule order, US District Judge Paulgelmayer stated that he had been notified that Kwon might change his defense and schedule a hearing on Tuesday at meliputip p.m. EDT (14:30 GMT) in Manhattan federal court.

Kwon, who founded Terraform Labs based in Singapore and developed TerraUSD and Luna, previously pleaded not guilty to nine articles that include securities fraud, wire fraud, commodity fraud, and money laundering conspiracies.

Neither Kwon's lawyers nor the US Prosecutor's Office in Manhattan have filed charges yet to respond to a request for comment.

Do Kwon had previously fled for a while due to losses he created for many crypto investors. He ended up in Montegro and was finally extradited and tried in the US for crypto crimes.