Do Kwon pleads not guilty to US fraud charges in US$40 billion crypto collapse

Fallen cryptocurrency mogul makes his first US court appearance after being extradited from Montenegro

Montenegrin police escort South Korean cryptocurrency entrepreneur Do Kwon, centre. Photo: AFP
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated US$40 billion in 2022, pleaded not guilty on Thursday to US criminal fraud charges after being extradited from Montenegro this week.

Federal prosecutors in Manhattan on Thursday unsealed a nine-count indictment charging Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.

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