Do Kwon, South Korean crypto entrepreneur and Terraform Labs co-founder, pleaded not guilty to a raft of fraud charges. After extradition from Montenegro, he's facing Manhattan federal court. The charges, linked to the TerraUSD and Luna collapse, involve allegations like securities and wire fraud.
Kwon's recent civil settlement with the SEC imposed an $80 million fine and banned him from cryptocurrency dealings. Court proceedings highlight his alleged manipulation of TerraUSD's value using a high-frequency trading firm. The scheme reportedly pumped Luna's value, fooling investors into believing in Terraform's stability.
The market impact was immense, leading to a crypto crash that affected the broader digital asset landscape. Future hearings are slated for January, with Jump Trading allegedly involved in supporting TerraUSD.
Quelle: www.newsbtc.com ↗