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In the latest development, Terraform Labs co-founder Do Kwon appeared before a United States magistrate on Jan. 2, 2025, and pleaded not guilty to the charges in the first legal hearing in Manhattan since his extradition to the US.
The case highlights the growing scrutiny and legal challenges facing cryptocurrency leaders, potentially impacting future regulatory frameworks. The post Do Kwon pleads not guilty to US fraud charges at Manhattan hearing appeared first on Crypto Briefing.
Terraform Labs co-founder and former CEO Do Kwon has pleaded not guilty to multiple fraud charges in a Manhattan federal court on Thursday. This appearance follows his extradition from Montenegro, where he had been detained since March 2023 for traveling on a fake passport.
"The defendant, orchestrated schemes to defraud purchasers of cryptocurrencies," the indictment against the Terraform co-founder read.
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was set to appear in U.S. court on Thursday to face criminal fraud charges after being extradited from Montenegro this week.
Prosecutors allege that Kwon orchestrated a multibillion-dollar fraud that left investors reeling.
On New Year's Eve, Montenegro authorities announced that Terraform Labs co-founder Do Kwon was extradited to the United States. The development comes after the Minister of Justice signed the order for his extradition, concluding the prolonged battle between the US and South Korea to bring the crypto entrepreneur to trial.
Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.
Do Kwon, the South Korean founder of Terraform Labs, has been extradited to the United States. Authorities in the country accused Do Kwon of orchestrating a multi-billion dollar crypto fraud following the collapse of his company's Terrausd and Luna cryptocurrencies in 2022. The collapse caused billions of dollars in losses across the market.
Disgraced Terraform Labs founder Do Kwon has officially been extradited to the United States to face criminal charges following the crash of the Terra Luna ecosystem, Montenegro Prime Minister Milojko Spajić confirmed Tuesday.
Do Kwon, the South Korean co-founder of Terraform Labs, was extradited from Montenegro to the US, ending months of legal proceedings over the matter, according to local media reports. Montenegrin police transferred Kwon to US authorities at Podgorica International Airport on Dec. 31.
After months of uncertainty, Terraform Labs co-founder and former CEO Do Kwon has finally been extradited to the United States from Montenegro. According to a report by Vijesti, the transfer from local authorities took place on December 31 at the Podgorica Airport border cross.
According to reports, Montenegro has completed the legal extradition process of Terraform Labs co-founder Do Kwon to the US. He is facing fraud charges linked to the $40 billion collapse of the TerraUSD stablecoin in 2022.
The Terraform Labs co-founder was arrested in Montenegro in 2023 for using falsified travel documents as the courts determined whether he would go to the US or South Korea.
Terraform Labs co-founder Do Kwon had been held in Montenegro since his March 2023 arrest at Podgorica airport.
Montenegro extradited Terraform Labs co-founder Do Kwon to the U.S. on Tuesday, according to the Vijesti news outlet.
Do Kwon, the controversial co-founder of Terraform Labs, is officially on U.S. soil. After months of legal battles and international drama, Montenegro handed Kwon over to U.S. authorities on December 31.
The extradition followed 18 months of legal battles and a review by the Supreme Court.
Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, the interior ministry said.
Montenegro has denied South Korea's extradition request for Do Kwon, confirming the Terra Luna founder will be extradited to the US.
Do Kwon, co-founder of Terraform Labs, will soon face fraud charges in the United States after Montenegro approved his extradition.
Montenegro's Minister of Justice has decided to extradite Do Kwon, the founder of Terraform Labs, to the United States, bypassing South Korea's competing request.
In a decision that concludes a series of prolonged legal proceedings, Montenegro's Minister of Justice, Bojan Božović, has signed an order for the extradition of Terraform Labs co-founder Do Kwon to the United States.
Montenegro has agreed to Do Kwon extradition to the US after a lengthy legal battle over competing extradition requests from the US and South Korea.
