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In the latest development, Terraform Labs co-founder Do Kwon appeared before a United States magistrate on Jan. 2, 2025, and pleaded not guilty to the charges in the first legal hearing in Manhattan since his extradition to the US.
Kwon faces several counts of securities fraud, wire fraud, money laundering charges, and commodities fraud for his role in the collapse of the Terra ecosystem in 2022.
Previously, Montenegro had approved Do Kwon’s extradition to the US over TerraUSD and Luna crypto collapse, rejecting South Korea’s request. Earlier, the Supreme Court of Montenegro had ruled that the legal conditions for extraditing Do Kwon were met, following extradition requests from both South Korea and the United States.
