Do Kwon to change plea in criminal case at Wednesday conference

A federal judge overseeing the case against Do Kwon has scheduled a Tuesday conference at which the Terraform Labs co-founder “may enter a change of plea.”

In a Monday filing in the US District Court for the Southern District of New York (SDNY), Judge Paul Engelmayer ordered the parties to appear in court on Tuesday, which could suggest that Kwon was preparing to change his plea for some or all of his charges.

The Terraform co-founder initially pleaded not guilty to nine felony counts in January after a monthslong extradition court battle in Montenegro ended with his removal to the United States.

“[T]he defendant should be prepared to give a narrative allocution that incorporates all elements of the offense(s) to which the defendant is pleading guilty,” said Engelmayer. “In the interest of clarity and efficiency, the Court encourages counsel to assist the defendant in writing an allocution that can be read in open court during the plea proceeding.”

This is a developing story, and further information will be added as it becomes available.