In a Manhattan courtroom, 33-year-old Do Kwon, co-founder of Terraform Labs, pleads not guilty to all charges against him stemming from the May 2022 Terra crash. Kwon claims he is innocent and that the $40 billion demise of the TerraUSD stablecoin was not caused by him.
On Thursday, before U.S. Magistrate Judge Robert Lehrburger, Kwon agreed through his lawyer to be held without bail and face a litany of charges including wire fraud, securities fraud and commodities fraud.
This legal battle marks the end of a nearly two-year saga over whether Kwon would be tried first in the United States or South Korea. After his arrest in Montenegro in March 2023 for using a fake passport, he was extradited to the USA a few days ago.
Both New York and Seoul have filed charges against Kwon over the dramatic failure of TerraForm’s TerraUSD, an event that sent shockwaves through the cryptocurrency…
