Ex-Terraform Labs CEO Do Kwon denies fraud charges

Do Kwon, the co-founder of Terraform Labs and developer of the cryptocurrencies TerraUSD and Luna, pleaded not guilty to United States fraud charges.

His plea was entered before US Magistrate Judge Robert Lehrburger in Manhattan federal court on Thursday, shortly after his extradition from Montenegro.

Kwon faces multiple charges, including securities fraud, wire fraud, commodities fraud, conspiracy, and money laundering conspiracy.

These charges are based on allegations that he misled investors regarding TerraUSD, a stablecoin intended to maintain a value of US$1, which collapsed alongside the cryptocurrency Luna in May 2022.

Recent Terraform developments

Timeline
01-Jan-2025 ⚖️ Montenegro extradites ex-Terraform Labs CEO Do Kwon to US Do Kwon extradited to US from Montenegro. Faces fraud charges over $40 billion collapse.
28-Dec-2024 ⚖️ Ex-Terraform Labs CEO Do Kwon to be extradited to US Do Kwon to be extradited to the US Facing fraud charges over TerraUSD collapse
27-Dec-2024 ⚖️ Ex-Terraform Labs CEO Do Kwon loses extradition appeal Montenegro court rejects Do Kwon’s extradition appeal Justice Minister to decide on Kwon’s extradition timing
22-Jan-2024 📉 Terraform Labs files for bankruptcy in US Terraform Labs files for Chapter 11 bankruptcy Co-founder Do Kwon’s trial pushed to March 2024
17-Feb-2023 ⚖️ Terraform Labs boss charged with fraud in the US SEC charges Do Kwon with fraud over UST crash Investors lost around $42 billion in crypto collapse

Stay ahead in Asia’s tech landscape

You've reached your 2 free content limit for the month. Sign up for free to read the full story.

🏄 For casual readers / 👶 Free

Basic

US$0

Free forever

Get instant access to this article and more every month

0 premium content

Unlimited news briefs

5 articles

Ad-free reading experience

Just US$0 per day

⌛Sign up in 20s. No payment details needed.

📖 For learners / 👍 Starter

Lite

US$4.92/month

Billed annually at US$59/year

Get instant access to this article and more every month

4 premium content

Unlimited news briefs & articles

Ad-free reading experience

Just US$0.17 per day

Cancel anytime

Our subscriber community includes professionals from these companies:

Recent Terraform developments

Stay ahead in Asia’s tech landscape

Stay updated on the go with our mobile app.