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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.

Malaysia Investigates Server Shipments Tied to Singapore Fraud Case

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Malaysia has launched an investigation into whether local laws were violated in the shipment of servers linked to a fraud case in Singapore, as the equipment may have contained advanced artificial intelligence (AI) chips subject to U.S. export restrictions.

The case, which surfaced late last month, led Singaporean authorities to charge three men with fraud. Reports suggest the case involves the transfer of Nvidia AI chips to Chinese AI company DeepSeek. Singapore stated that the servers, supplied by U.S. firms, were shipped to Malaysia and may have contained Nvidia chips. However, it has not clarified whether these components fall under U.S. export controls.

Malaysia’s trade ministry issued a statement confirming that the government is taking “necessary actions” to determine if any Malaysian laws were breached regarding the shipment of U.S.-sanctioned AI chips. It further emphasized ongoing collaboration with both the United States and Singapore to develop effective measures for addressing trade compliance issues involving restricted technology.

Meanwhile, U.S. authorities are investigating whether DeepSeek has been using restricted American-made chips to develop its AI models. The Chinese firm’s advancements in AI have drawn significant global attention, particularly after its model’s performance made headlines in January.