Do Kwon, the founder behind the now-defunct Terra Luna crypto ecosystem, has entered a not guilty plea to fraud charges in the U.S. His company, Terraform Labs, was responsible for the luna cryptocurrency and the algorithmic stablecoin terraUSD, which together lost an estimated $40 billion when they collapsed in 2022. Kwon faces allegations of securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering. Federal prosecutors claim he deceived investors about the algorithm meant to keep terraUSD’s value at $1. Following his extradition from Montenegro, where he was arrested on passport forgery charges in March 2023, Kwon was ordered detained by a New York magistrate judge until his next court appearance on January 8.
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![How This Man Just Caused a $45 BILLION Crash [Terra Luna]](https://i.ytimg.com/vi/3KZY41SqaTI/mqdefault.jpg)
