Overview

• Do Kwon appeared before Judge Paul Engelmayer in the Southern District of New York and pleaded guilty to one count of conspiracy to defraud and one count of wire fraud.
• He agreed to forfeit more than $19 million in illicit proceeds as part of the plea agreement.
• Prosecutors will recommend no more than a 12-year prison term, significantly below the combined statutory maximum of 25 years.
• The plea narrows the U.S. case to two counts, cancels the previously scheduled January 2026 trial, and sets sentencing for December 11, 2025.
• Kwon admitted that he made false and misleading statements about why TerraUSD regained its dollar peg by concealing a trading firm’s intervention, building on a prior $4.55 billion SEC civil settlement.