Do Kwon pleads not guilty to fraud in crypto collapse
NEW YORK: Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded not guilty on Thursday to U.S. criminal fraud charges after being extradited from Montenegro this week.
Federal prosecutors in Manhattan on Thursday unsealed a nine-count indictment charging Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Kwon, 33, wore an olive green long-sleeved shirt and black sweatpants as his lawyer Andrew Chesley entered the plea at a hearing before U.S. Magistrate Judge Robert Lehrburger in Manhattan federal court.
The judge ordered…
