{"id":670080,"date":"2025-01-02T20:33:17","date_gmt":"2025-01-02T20:33:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=670080"},"modified":"2025-01-02T20:33:17","modified_gmt":"2025-01-02T20:33:17","slug":"former-terra-ceo-do-kwon-enters-not-guilty-plea-in-landmark-40-billion-crypto-trial","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/breaking-news-ticker\/former-terra-ceo-do-kwon-enters-not-guilty-plea-in-landmark-40-billion-crypto-trial\/","title":{"rendered":"Former Terra CEO Do Kwon Enters Not Guilty Plea In Landmark $40 Billion Crypto Trial"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Do Kwon, the South Korean cryptocurrency entrepreneur and co-founder of Terraform Labs, pleaded not guilty on Thursday to a series of criminal fraud charges in a Manhattan federal court.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This comes just days after his extradition from Montenegro, where he had been detained for over a year. His case centers around the collapse of TerraUSD and Luna (LUNC), which collectively lost an estimated $40 billion in 2022.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Ordered To Remain In Custody Following Court Appearance<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a Reuters <\/span><a href=\"https:\/\/www.reuters.com\/legal\/former-crypto-executive-do-kwon-due-us-court-criminal-fraud-charges-2025-01-02\/#:~:text=NEW%20YORK%2C%20Jan%202%20(Reuters,extradited%20from%20Montenegro%20this%20week.\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report<\/span><\/a><span style=\"font-weight: 400\">, federal prosecutors unsealed a nine-count indictment accusing Kwon of multiple offenses, including securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/if-solana-reclaims-210-new-highs-are-next-price-analysis\/\" target=\"_blank\" rel=\"noopener \">If Solana Reclaims $210 \u2018New Highs Are Next\u2019 \u2013 Price Analysis<\/a><\/div>\n<p><span style=\"font-weight: 400\">Dressed in an olive green long-sleeved shirt and black sweatpants, Kwon appeared in court alongside his lawyer, Andrew Chesley, who indicated that they would not seek bail at this time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following Kwon&#8217;s plea, US Magistrate Judge Robert Lehrburger reportedly ordered him to remain in custody. Do Kwon left the courtroom with a copy of the 79-page indictment, and he is scheduled to return for another hearing on January 8.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Fallout From Do Kwon Alleged Fraud And Market Manipulation<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In June, Kwon reached a civil settlement with the US Securities and Exchange Commission (SEC), agreeing to pay an $80 million fine and accept a ban from participating in cryptocurrency transactions. This settlement was part of a broader $4.55 billion resolution related to alleged misconduct in the management of Terraform Labs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The indictment details how Kwon allegedly misled investors about the stability of TerraUSD, a stablecoin designed to maintain a value of $1. In May 2021, when the stablecoin\u2019s value began to falter, Kwon reportedly claimed that a computer algorithm known as &#8220;Terra Protocol&#8221; had successfully restored its peg.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In reality, prosecutors allege that Do Kwon orchestrated a scheme involving a high-frequency trading firm to secretly purchase millions of dollars of TerraUSD to artificially inflate its price.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/weekly-chart-dogecoin-price\/\" target=\"_blank\" rel=\"noopener \">Weekly Chart Shows That Dogecoin Price Is Primed To Cross $11 In 2025, Here\u2019s How<\/a><\/div>\n<p><span style=\"font-weight: 400\">This reportedly drove both retail and institutional investors to buy Terraform products, significantly boosting the value of Luna, another token linked to TerraUSD, to as high as $50 billion by the spring of 2022. The indictment states, \u201cMuch of this growth followed Kwon&#8217;s brazen deceptions about Terraform and its technology.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the situation took a turn for the worse in May 2022 when TerraUSD\u2019s value began to decline again. The trading firm that had previously propped it up warned Kwon that maintaining its value \u201cwasn\u2019t so simple this time.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The subsequent crash of both TerraUSD and Luna sent shockwaves through the cryptocurrency market, leading to substantial losses for investors and contributing to a broader downturn that affected other digital assets, including Bitcoin (BTC).<\/span><\/p>\n<p><span style=\"font-weight: 400\">While prosecutors have not disclosed the identity of the trading firm involved, SEC lawyers previously indicated that Jump Trading had played a role in supporting TerraUSD during its peak in May 2021.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/K7iiuIrS\/\" alt=\"Do Kwon\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows LUNC&#8217;s price recovery. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">LUNCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do Kwon, the South Korean cryptocurrency entrepreneur and co-founder of Terraform Labs, pleaded not guilty on Thursday to a series of criminal fraud charges in a Manhattan federal court.\u00a0 This comes just days after his extradition from Montenegro, where he had been detained for over a year. His case centers around the collapse of TerraUSD and Luna (LUNC), which collectively lost an estimated $40 billion in 2022. Ordered To Remain In Custody Following Court Appearance According to a Reuters report, federal prosecutors unsealed a nine-count indictment accusing Kwon of multiple offenses, including securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering.\u00a0 Related Reading: If Solana Reclaims $210 \u2018New Highs Are Next\u2019 \u2013 Price Analysis Dressed in an olive green long-sleeved shirt and black sweatpants, Kwon appeared in court alongside his lawyer, Andrew Chesley, who indicated that they would not seek bail at this time.\u00a0 Following Kwon&#8217;s plea, US Magistrate Judge Robert Lehrburger reportedly ordered him to remain in custody. Do Kwon left the courtroom with a copy of the 79-page indictment, and he is scheduled to return for another hearing on January 8. The Fallout From Do Kwon Alleged Fraud And Market Manipulation In June, Kwon reached a civil settlement with the US Securities and Exchange Commission (SEC), agreeing to pay an $80 million fine and accept a ban from participating in cryptocurrency transactions. This settlement was part of a broader $4.55 billion resolution related to alleged misconduct in the management of Terraform Labs. The indictment details how Kwon allegedly misled investors about the stability of TerraUSD, a stablecoin designed to maintain a value of $1. In May 2021, when the stablecoin\u2019s value began to falter, Kwon reportedly claimed that a computer algorithm known as &#8220;Terra Protocol&#8221; had successfully restored its peg.\u00a0 In reality, prosecutors allege that Do Kwon orchestrated a scheme involving a high-frequency trading firm to secretly purchase millions of dollars of TerraUSD to artificially inflate its price. Related Reading: Weekly Chart Shows That Dogecoin Price Is Primed To Cross $11 In 2025, Here\u2019s How This reportedly drove both retail and institutional investors to buy Terraform products, significantly boosting the value of Luna, another token linked to TerraUSD, to as high as $50 billion by the spring of 2022. The indictment states, \u201cMuch of this growth followed Kwon&#8217;s brazen deceptions about Terraform and its technology.\u201d However, the situation took a turn for the worse in May 2022 when TerraUSD\u2019s value began to decline again. The trading firm that had previously propped it up warned Kwon that maintaining its value \u201cwasn\u2019t so simple this time.\u201d\u00a0 The subsequent crash of both TerraUSD and Luna sent shockwaves through the cryptocurrency market, leading to substantial losses for investors and contributing to a broader downturn that affected other digital assets, including Bitcoin (BTC). While prosecutors have not disclosed the identity of the trading firm involved, SEC lawyers previously indicated that Jump Trading had played a role in supporting TerraUSD during its peak in May 2021. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":640116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[6664,14690,1558,86012,89849,89846,89856,86067,88402,90558,86792,86796],"class_list":["post-670080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-do-kwon","tag-do-kwon-crypto","tag-do-kwon-news","tag-do-kwon-terra-luna","tag-lunc","tag-lunc-analysis","tag-lunc-news","tag-lunc-price","tag-luncusdt"],"acf":[],"yoast_head":"\n<title>Former Terra CEO Do Kwon Enters Not Guilty Plea In Landmark $40 Billion Crypto Trial<\/title>\n<meta name=\"description\" content=\"Do Kwon, Terraform Labs&#039; co-founder, pleaded not guilty on 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