Terraform Labs Founder Do Kwon Expected to Plead Guilty in U.S. Fraud Case

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Do Kwon, the South Korean crypto entrepreneur behind Terraform Labs, is expected to plead guilty in a U.S. federal fraud case tied to the 2022 collapse of his digital currencies TerraUSD and Luna, which wiped out an estimated $40 billion in value.

Court records revealed on Monday that U.S. District Judge Paul Engelmayer scheduled a hearing for Tuesday in Manhattan after being advised that Kwon may change his plea. Kwon had previously pleaded not guilty to a nine-count indictment that included charges of securities fraud, wire fraud, commodities fraud, and money laundering conspiracy.

Kwon co-founded Singapore-based Terraform Labs and developed TerraUSD, an algorithmic stablecoin, alongside its sister token Luna. The dramatic failure of the two cryptocurrencies in 2022 triggered widespread investor losses, shook global crypto markets, and sparked heightened regulatory scrutiny of digital assets.

Neither Kwon’s legal team nor the Manhattan U.S. Attorney’s Office have issued statements in response to the latest court developments.

Trade Desk Shares Plunge After CEO Flags Tariff-Driven Pressure on Large Advertisers

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Trade Desk (TTD.O), the cloud-based advertising technology firm, faced its largest single-day stock drop on record Friday after CEO Jeff Green warned that ongoing tariff uncertainties are causing some of the world’s biggest advertisers to hold back on ad spending. The sharp decline threatened to erase nearly $16 billion from the company’s market value if losses hold.

Green highlighted that Trade Desk’s focus on large global advertisers makes it particularly vulnerable to economic pressures related to trade policies, contrasting with competitors that rely more on small and medium-sized businesses. The tariff-driven caution has led to a slowdown in launching new ad campaigns, especially in sectors most impacted by trade tensions.

Rosenblatt Securities analyst Barton Crockett noted that Trade Desk’s growth decelerated and underperformed Meta’s 22% growth, raising concerns that “closed gardens” like Meta’s platforms may be outpacing the open internet ad ecosystem that Trade Desk serves. Additionally, Trade Desk’s heavy exposure to large brands facing tariff pressures has added to investor concerns.

Despite the headwinds, the company projects current-quarter revenue of at least $717 million, roughly in line with analyst expectations. Still, at least 11 analysts have lowered their price targets on Trade Desk stock, bringing the median target down to $84.

Analysts at MoffettNathanson pointed out that as Trade Desk signs more brands to joint business plans, agencies might increasingly bring media buying in-house, posing another challenge.

On a leadership note, Trade Desk appointed Alex Kayyal as its new chief financial officer, effective August 21, succeeding Laura Schenkein.

Australia’s Iress Shares Surge on Early Buyout Talks with Blackstone and Thoma Bravo

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Shares of Australian financial software firm Iress jumped up to 15.6% to A$9.69 on Friday, hitting the highest level since January, after the company disclosed early takeover discussions with U.S. investment giant Blackstone and private equity firm Thoma Bravo. The talks come after Blackstone previously made and withdrew a A$1.94 billion ($1.27 billion) takeover offer.

Iress stated it is in early-stage engagement with both firms to explore whether a new offer could be recommended by its board. No new per-share price was disclosed in the latest update. The stock’s rally marks its biggest intraday percentage gain since November 2023, though the current price remains below Blackstone’s earlier A$10.50 per share bid.

The takeover interest follows a broader trend of private equity firms seeking acquisitions in the Australian software sector. Recently, Infomedia agreed to a A$651 million takeover by TPG’s Asia-focused private equity fund.

Iress has a history of takeover attempts, notably a failed A$3 billion bid from Swedish firm EQT in 2021. For fiscal 2024, the company reported a net profit after tax of A$30.1 million and revenues of A$604.6 million.