Do Kwon, the South Korean cryptocurrency entrepreneur linked to the collapse of digital currencies TerraUSD and Luna, pleaded not guilty to U.S. criminal fraud charges on Thursday.
The charges come after Kwon was extradited from Montenegro earlier this week.
Federal prosecutors in Manhattan unveiled a nine-count indictment against Kwon, accusing him of securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering. Kwon, who co-founded Singapore-based Terraform Labs, is alleged to have played a central role in the failure of TerraUSD and Luna, which wiped out an estimated $40 billion in value in 2022.
The collapse of Kwon’s cryptocurrency ecosystem sent shockwaves through the crypto market, drawing scrutiny from regulators and prompting a global investigation into his activities.
