Do Kwon, co-founder of Terraform Labs, faces U.S. criminal fraud charges over the 2022 collapse of TerraUSD and Luna, which erased around $40 billion in market value. Extradited from Montenegro, he initially pleaded not guilty to nine counts, including securities fraud, wire fraud, commodities fraud, and money laundering conspiracy. Court filings now suggest he plans to change his plea, with a hearing set for Tuesday before Judge Paul Engelmayer in Manhattan. The case is among the largest in crypto history, with prosecutors alleging Kwon misled investors about TerraUSD’s stability, triggering a market crash and widespread losses across the cryptocurrency ecosystem.