{"id":5911,"date":"2025-01-03T11:01:58","date_gmt":"2025-01-03T11:01:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=5911"},"modified":"2025-01-03T11:01:58","modified_gmt":"2025-01-03T11:01:58","slug":"do-kwon-pleads-not-guilty-to-fraud-following-extradition-to-us-reuters","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=5911","title":{"rendered":"Do Kwon Pleads Not Guilty to Fraud Following Extradition to US: Reuters"},"content":{"rendered":"<div>\n<p>Do Kwon, founder of the failed Terra Luna crypto ecosystem, <a href=\"https:\/\/www.reuters.com\/legal\/former-crypto-executive-do-kwon-due-us-court-criminal-fraud-charges-2025-01-02\/\" target=\"_blank\">pleaded not guilty<\/a> to charges of fraud following his  <a href=\"https:\/\/www.justice.gov\/opa\/pr\/do-kwon-extradited-united-states-montenegro-face-charges-relating-fraud-resulting-40b-losses#:~:text=All%20News-,Do%20Kwon%20Extradited%20to%20the%20United%20States%20from%20Montenegro%20to,in%20%2440B%20in%20Losses&amp;text=Do%20Hyeong%20Kwon%2C%2033%2C%20a,to%20face%20federal%20fraud%20charges.\" target=\"_blank\">Dec. 31 extradition<\/a> to the U.S., Reuters reported on Thursday.<\/p>\n<p>Kwon&#8217;s Terraform Labs developed the luna cryptocurrency and <a href=\"https:\/\/www.coindesk.com\/learn\/algorithmic-stablecoins-what-they-are-and-how-they-can-go-terribly-wrong\" target=\"_blank\">algorithmic stablecoin<\/a> terraUSD, which <a href=\"https:\/\/www.coindesk.com\/learn\/the-fall-of-terra-a-timeline-of-the-meteoric-rise-and-crash-of-ust-and-luna\" target=\"_blank\">collapsed in 2022<\/a> with the loss of an estimated $40 billion. Kwon faces charges that include securities fraud, wire fraud, commodities fraud and money laundering conspiracy.<\/p>\n<p>Federal prosecutors allege that Kwon misled investors in 2021 about the algorithm that was designed to maintain stablecoin terraUSD&#8217;s value of $1, according to Thursday&#8217;s indictment.<\/p>\n<p>Magistrate Judge Robert W. Lehrburger for the Southern District of New York ordered Kwon to be detained ahead of returning to court on Jan. 8. <\/p>\n<p>Kwon was arrested in Montenegro in March 2023 on passport forgery charges, and has been fighting extradition to the U.S. for over a year. <\/p>\n<p>Read More: <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/12\/19\/craig-wright-faces-demand-for-two-year-prison-sentence-in-contempt-of-court-case\" target=\"_blank\">Craig Wright Receives Suspended Jail Sentence for Contempt of Court<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Do Kwon, founder of the failed Terra Luna crypto ecosystem, pleaded not guilty to charges of fraud following his Dec. 31 extradition to the U.S., Reuters reported on Thursday. Kwon&#8217;s Terraform Labs developed the luna cryptocurrency and algorithmic stablecoin terraUSD, which collapsed in 2022 with the loss of an estimated $40 billion. Kwon faces charges [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-5911","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/5911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5911"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/5911\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}