A federal judge is setting a conference for Tuesday, where Do Kwon, co-founder of Terraform Labs, might change his plea in the ongoing legal case against him. The court order requiring all parties to attend on Tuesday suggests that Kwon is preparing to alter his plea regarding some or all of the charges he faces. Judge Paul Engelmayer’s move follows a previous court order requiring all parties to appear at SDNY for this important conference. 10 Charges were filed, including securities fraud, market manipulation, money laundering, and wire fraud. Judge Engelmayer emphasized the need for Kwon to provide a detailed narrative allocution that covers every element of the offenses he might plead guilty to. He also urged his legal counsel to help draft this statement for clarity. 2023 marked Do Kwon’s indictment on charges related to the collapse of the Terra ecosystem, which wiped out approximately $40 billion in investor assets. Following the crash in 2022, Kwon’s whereabouts were unknown until Montenegrin authorities apprehended him using forged travel documents. His defense team challenged extradition requests from both the US and South Korea for over a year before he was transferred to US custody in December 2024. Kwon has been held without bail since his January plea of not guilty. The trial, which was initially scheduled for 2026, is now being reconsidered following this conference. The potential for a plea deal remains unclear, as talks between Kwon’s legal team and prosecutors are ongoing. Details about these discussions remain confidential until the conference on Tuesday. The upcoming conference comes just days after the conviction of Roman Storm, co-founder of Tornado Cash, on charges of operating an unlicensed money transmitting business. Separately, Terraform Labs agreed to a civil lawsuit with the SEC by paying approximately $4.5 billion in fines and penalties in 2024.