PANews reported on August 12 that according to Coindesk, Terraform Labs founder Do Kwon may change his previous "not guilty" plea at the hearing at 10:30 pm on August 12.

Kwon reportedly faces multiple charges of fraud and market manipulation related to Terraform's operations and the collapse of the Terra/Luna stablecoin network. He has also 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, with prosecutors reviewing 6 terabytes of data. Kwon was extradited to the United States from Montenegro last year after being detained for attempting to leave the country with a false passport. Prior to the trial, the judge required defense counsel to review any plea agreements or related documents with the defendant.