Do Kwon Appears in U.S. Court.

On January 2, Manhattan prosecutors charged Do Kwon with crimes related to the collapse of the Terra (LUNA) and UST ecosystems.

The charges include conspiracy, money laundering, market manipulation, and securities fraud.

Kwon's arrest stemmed from his involvement in creating and promoting an algorithmic stablecoin, whose collapse caused billions in losses for investors.

Kwon has pleaded not guilty. The U.S. Department of Justice stated that if convicted, he could face up to 130 years in prison. The next hearing is scheduled for January 8.

On December 31, Montenegro completed Kwon’s extradition to the U.S., closing legal proceedings that began in the spring of 2023.