Crypto King Pin Do Kwon Pleads Not Guilty to US Fraud Charges

Jan 3, 2025
Do Kwon, the South Korean cryptocurrency entrepreneur known as the “Crypto King,” appeared in a US court on Thursday to face criminal fraud charges related to the $40 billion collapse of his TerraUSD stablecoin. Kwon pleaded not guilty to the charges, denying any involvement in the alleged fraud scheme.
The Crypto King’s extradition from Montenegro earlier this week marked a significant development in the ongoing case, as US authorities seek to hold Kwon accountable for his role in the massive financial losses incurred by investors.
Kwon’s legal team has vowed to vigorously defend their client against the allegations, arguing that he is being unfairly targeted for the failures of the cryptocurrency market. The case is expected to have significant implications for the future regulation and oversight of digital currencies, as authorities grapple with the challenges posed by this rapidly evolving financial landscape.