Terraform Labs founder Do Kwon may plead guilty, US court sets hearing for August 12

According to Coindesk, Terraform Labs founder Do Kwon may change his previous plea of "not guilty" at a hearing scheduled for 10:30 pm on August 12th. Kwon reportedly faces multiple charges of fraud and market manipulation related to Terraform's operations and the collapse of the Terra/Luna stablecoin network, and has been ordered by the U.S. Securities and Exchange Commission to pay $4.5 billion in fines and restitution in a civil case. The case was originally scheduled to go to trial in January of next year, and prosecutors will need to review 6TB of data. Kwon was extradited to the United States from Montenegro last year and was previously detained for attempting to leave the country with a false passport. Before the trial, the judge required the defense attorney to review any plea agreements or related documents with the defendant.