International
South Korea's Do Kwon pleads not guilty to US fraud charges in $55b crypto collapse
NEW YORK — Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated US$40 billion (S$54.6 billion) in 2022, pleaded not guilty on Thursday (Jan 2) to US criminal fraud charges after being extradited f
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 US Magistrate Judge Robert Lehrburger in Manhattan federal court.
The judge ordered Kwon detained after Chesley said he would not seek bail at this time. Kwon took a copy of the 79-page indictment with him as US marshals led him out of the courtroom. He is expected back in court on Jan 8.
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