Terraform Labs founder Do Kwon faces US charges in $40 billion crypto fraud: Report
South Korean cryptocurrency entrepreneur
Do Kwon
is reportedly facing fraud charges in the US. According to news agency Reuters, Kwon has been charged over two digital currencies that lost an estimated $40 billion in 2022. Citing court records, the report states that the crypto tycoon is expected to enter a guilty plea.
Kwon co-founded Singapore-based
Terraform Labs
and created the
TerraUSD
and Luna cryptocurrencies. As per the report, he had earlier pleaded not guilty to nine charges, including securities fraud, wire fraud, commodities fraud, and conspiracy to launder money.
In a short scheduling order, U.S. District Judge Paul Engelmayer said he had been informed that Kwon may change his plea. He set a hearing for Tuesday at 10:30 a.m. EDT (1430 GMT) in Manhattan federal court.
In December last year, Kwon was extradited to the United States from Montenegro over the collapse of two digital tokens. 'The Minister of Justice, Bojan Bozovic, issued a decision approving the extradition of the accused, Kwon Do Hyung, to the United States of America," the Ministry of Justice then announced said in a statement.
"It was concluded that the majority of the criteria prescribed by law favour the extradition request from the competent authorities of the United States of America," the statement said.
In February 2024, US regulators charged Kwon and his company Terraform Labs with "orchestrating a multi-billion dollar crypto asset securities fraud".
"We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD," US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement at the time.
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