Terraform Labs co-founder Do Kwon appeared earlier than a US Justice of the Peace on Jan. 2, 2025, and pleaded not responsible to the fees within the first authorized listening to for the previous tech govt since his extradition to the US.
The embattled crypto founder appeared earlier than US Justice of the Peace Choose Robert Lehrburger of the Southern District of New York in Manhattan on Thursday afternoon to submit his plea and agreed to be held with out bail.
The previous tech govt faces 9 counts of varied fees, together with securities fraud, wire fraud, cash laundering fees and commodities fraud, for his position within the collapse of the Terra ecosystem.
A standing convention is about for Jan. 8, 2024, for the protection and the prosecution to share proof and talk about motions main into the trial.
The listening to marks a milestone within the authorized saga of the previous tech govt, which has taken several turns since 2023, as Montenegrin court docket officers weighed extraditing the Terraform co-founder to the USA or his homeland of South Korea.
Indictment towards Do Kwon. Supply: Court Listener
Associated: Montenegro court rejects Do Kwon’s extradition appeal
Do Kwon extradited to the USA
Authorized authorities in Montenegro beforehand concluded that the Terraform Labs co-founder met the standards to be extradited to both the US or South Korea to face trial.
Nevertheless, on Dec. 27, Montenegrin Minister of Justice Bojan Božović approved Kwon’s extradition to the US.
In a translated written assertion, Montenegro’s Ministry of Justice decided the previous crypto govt ought to be extradited to the US after contemplating a number of components. These components included:
“The gravity of the prison acts, the place of execution, the order of submission of the request, the citizenship of the requested particular person, the potential of additional extradition to a different nation, in addition to different circumstances.”
On Dec. 31, Montenegrin Prime Minister Milojko Spajić confirmed that Kwon was in US custody.
“Our nation welcomes innovation and bonafide crypto, AI and different tech entrepreneurs — however we’ve zero tolerance for fraud,” the prime minister wrote following the handoff to US authorities.
Terraform Labs beforehand settled a lawsuit with the US Securities and Trade Fee in June 2024 — agreeing to pay the company $4.47 billion, which included $204 million in penalties for the previous govt.
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