Keep up with what's happening in the crypto world in real-time.
All Filters (1)
Former Terraform Labs CEO Do Kwon faces up to 130 years in prison after being extradited to the US, where he pleaded not guilty to fraud charges related to the $40 billion Terra cryptocurrency collapse.
The fallout from the collapse of Terraform Labs continues to unfold, with prosecutors estimating that its co-founder may have defrauded over one million people worldwide. This staggering number stems from the implosion of the Terra ecosystem in 2022, which sent shockwaves through the crypto market and triggered a cascade of bankruptcies among major firms.
US prosecutors estimate over one million victims worldwide were impacted by the collapse of Terraform Labs' ecosystem, as Do Kwon faces criminal charges for fraud and misconduct.
US prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that over one million individuals could have been affected by the ecosystem's collapse.
Kwon, recently extradited to the US from Montenegro, pleaded not guilty to his criminal charges in a New York court last week.
U.S. prosecutors estimate that Do Kwon, co-founder of Terraform Labs, could potentially have one million victims all around the globe following the downfall of the Terra ecosystem.
The Terraform Labs co-founder is in US custody after pleading not guilty to nine felony charges related to fraud at the platform.
Do Kwon, Terraform Labs co-founder, was extradited to the US by Montenegro, bypassing South Korea's petition.
According to Reuters, Do Kwon appeared before Magistrate Judge Robert W. Lehrburger in the Southern District of New York.
The Government estimates that the number of victims of Kwon's actions exceeds hundreds of thousands and potentially totals more than one million.
Several events feature among the top crypto news this week, with this article giving traders and investors a chance to get ahead of the respective ecosystem developments.
"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry as SPX6900 crossed a $1.1 billion capitalization earlier Friday to set a new record. Plus, BlackRock's IBIT bled over $332 million and Do Kwon pleaded not guilty to charges of fraud.
The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.
Terraform Labs co-founder Do Kwon has pleaded not guilty to multiple criminal charges in a Manhattan court after being extradited to the U.S.
Do Kwon, co-founder of Terraform Labs, has been extradited to the U.S. and faces multiple federal fraud charges, potentially resulting in up to 130 years in prison for orchestrating a scheme that caused over $40 billion in investor losses. The post Do Kwon Indicted on Multiple Charges, Could Face Up to 130 Years in Prison appeared first on Cryptonews.
Terraform Labs co-founder Do Kwon pleaded not guilty in his first US court hearing on charges including securities fraud and money laundering.
Do Kwon, the co-founder of Terraform Labs, has pleaded not guilty to all charges brought against him for his role in the $40 billion TerraUSD stablecoin collapse.
TL;DR Do Kwon has pleaded not guilty to nine U.S. fraud charges related to the collapse of TerraUSD and Luna, which wiped out nearly $40 billion in market value. The charges include securities fraud, wire fraud, commodities fraud, and money-laundering conspiracy, with allegations of misleading investors and artificially inflating TerraUSD's price.
Kwon's Terraform Labs developed the luna cryptocurrency and stablecoin terraUSD, which folded in 2022, losing an estimated $40 billion
Do Kwon, the South Korean entrepreneur behind the failed cryptocurrencies TerraUSD and Luna, is set to appear in a Manhattan federal court on Thursday, facing serious criminal fraud charges.
Former cryptocurrency executive Do Kwon pleaded not guilty to nine felony charges, including a newly added money laundering count, in his first US court appearance following extradition from Montenegro.
Kwon now faces nine charges, including commodities fraud and money laundering conspiracy, instead of the eight counts he was previously charged with.
Do Kwon, co-founder of Terraform Labs, appeared before a U.S. judge on January 2, 2025, where he pleaded not guilty to charges of fraud and money laundering. This hearing marks a key milestone in a case that has shaken the crypto world since the collapse of the Terra ecosystem.
TerraForm Labs former CEO Do Kwon has pleaded not guilty for the US fraud charges. The co-founder was convicted of several charges including but not limited to money laundering and fraud.
