Do Kwon made his first appearance in a US court today, facing federal fraud charges. Kwon entered a plea of “not guilty,” local reporters have claimed.

The US Justice Department is seeking prison time for his offenses, and his home country also wishes to see him behind bars.

Do Kwon Finally Faces Court

Do Kwon, founder of Terraform Labs, has been involved in this extradition battle for quite some time. A high court in Montenegro approved Kwon’s initial extradition in February 2024, but he subsequently went through several appeals.

However, the battle finally ended on December 27, and US authorities apprehended him on New Year’s Eve. Today, he appeared in court.

“Do Kwon is chatting with one of his lawyers, smiling- apparently in good spirits. In Montenegro on December 31 at 10 AM local, FBI took [him into] custody. Kwon plead not guilty through legal counsel, who added: ‘We consent to detention without prejudice,’” a local reporter in the courtroom claimed.

This prolonged legal battle centers around the TerraUSD collapse, when one of Terraform’s stablecoins dramatical

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Author: Landon Manning