Kwon's Terraform Labs developed the Luna cryptocurrency and stablecoin TerraUSD, which capitulated in 2022, losing an estimated $40 billion.

Alleged crypto fraudster Do Kwon was facing multiple federal charges in the United States Thursday after being extradited from Montenegro. He was a fugitive wanted in the 2022 $40 billion TerraUSD collapse.

Terraform Labs co-founder Do Kwon denies fraud charges in U.S. court after extradition, while facing allegations tied to $40B Terra collapse.

Do Kwon, the co-founder of Terraform Labs, appeared before a US magistrate on January 2, 2025, and pleaded not guilty to multiple charges related to the collapse of the Terra ecosystem. This was Kwon’s first court appearance after his extradition to the United States,

Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States.

Terraform Labs Pte. co-founder Do Kwon pleaded not guilty to US fraud charges tied to the $40 billion collapse of the TerraUSD stablecoin.

South Korean cryptocurrency mogul Do Hyeong Kwon pleaded not guilty Thursday to a freshly unsealed indictment released in time for his first U.S. court appearance. Kwon entered the plea in Manhattan federal court two days after his extradition from Montenegro.

NEW YORK >> Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded not guilty today to U.S. criminal fraud charges, after being extradited from Montenegro this week.

Terraform Labs co-founder and TerraUSD and Luna Do Kwon pleaded not guilty in Manhattan federal court. A nine-count indictment alleging securities fraud, wire fraud, and money laundering conspiracy. Federal prosecutors claim Kwon misled investors about the stability of TerraUSD,