In today's crypto news, Terraform Labs co-founder Do Kwon changed his plea from not guilty to guilty on two counts of wire fraud and conspiracy, potentially facing up to 12 years in prison under a plea agreement. The charges stem from issues related to his role at Terraform Labs, where he faced additional charges including securities fraud and money laundering. Circle announced the upcoming launch of its layer-1 Arc blockchain, designed for stablecoin finance, and reported a significant revenue increase of 53% in the second quarter, reaching $658 million. The Arc blockchain will use USDC as its native gas token and is intended for stablecoin payments and capital market applications. Furthermore, Ethereum developer Federico Carrone was recently detained in Turkey over alleged connections to a privacy protocol but has since been released, asserting that his research was purely academic and not intended for illegal activities. This news reflects ongoing trends and regulatory concerns in the crypto space.

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