Crypto mogul Do Kwon pleads not guilty in first US court appearance
NEW YORK — 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.
The indictment alleges that the man dubbed by some as “the cryptocurrency king” lied to investors from 2018 to 2022 to fool them into pouring money into Terraform Labs, the Singapore crypto firm he cofounded.
Authorities say investors worldwide were harmed by the $40 billion crash of Terraform Labs’ cryptocurrency.
The May 2022 collapse came despite the company’s claim that TerraUSD was a “stablecoin” that could be relied upon.
Kwon did not speak during his…
