Former crypto executive Do Kwon due in US court on criminal fraud charges By Reuters
By Luc Cohen
NEW YORK (Reuters) – 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.
Federal prosecutors in Manhattan in March 2023 charged Kwon, who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy.
Kwon has denied wrongdoing. He agreed last June to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement that he and Terraform reached with the U.S. Securities and Exchange…