Kwon’s Terraform Labs established the luna cryptocurrency and stablecoin terraUSD, which folded in 2022, losing an approximated $40 billion
Jan 3, 2025, 10:54 a.m. UTC
Do Kwon, creator of the stopped working Terra Luna crypto community, pleaded innocent to charges of scams following his Dec. 31 extradition to the U.S., Reuters reported on Thursday.
Kwon’s Terraform Labs established the luna cryptocurrency and algorithmic stablecoin terraUSD, which collapsed in 2022 with the loss of an approximated $40 billion. Kwon deals with charges that consist of securities scams, wire scams, products scams and cash laundering conspiracy.
Federal district attorneys declare that Kwon misguided financiers in 2021 about the algorithm that was created to keep stablecoin terraUSD’s worth of $1, according to Thursday’s indictment.
Magistrate Judge Robert W. Lehrburger for the Southern District of New York purchased Kwon to be apprehended ahead of going back to court on Jan. 8.
Kwon was jailed in Montenegro in March 2023 on passport forgery charges, and has actually been combating extradition to the U.S. for over a year.
Learn more: Craig Wright Receives Suspended Jail Sentence for Contempt of Court
Jamie Crawley
Jamie signed up with CoinDesk as a news press reporter in February 2021 after composing extensively about crypto and blockchain for 2 years in other functions. Far from crypto, Jamie runs a lot and enjoys all things sport. He holds percentages of BTC, ETH, ADA and LTC.
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