Do Kwon appears in US court

On January 2, Manhattan prosecutors unsealed an indictment against Do Kwon. The same day, the Terraform Labs co-founder appeared in court, Inner City Press reported.

OK — now in courtroom for US v. Do Kwon presentment after his extradition in from Montenegro for Terraform crypto fraud — Inner City Press will cover the case(s) https://t.co/G3vwN2mZuS and live tweet, thread below pic.twitter.com/mOWWGlSFrK

— Inner City Press (@innercitypress) January 2, 2025

The indictment lists nine counts, including conspiracy to commit fraud and money laundering, market manipulation and securities fraud. According to media reports, Kwon pleaded not guilty.

According to a statement from the US Department of Justice, if convicted on all counts he faces up to 130 years in prison. The next hearing is scheduled for January 8.

On December 27, Montenegro’s justice minister Bojan Bozovic approved Kwon’s transfer to US authorities. The decision ended a series of disputes between local courts and the defence that had dragged on since spring 2023.

On December 31, Montenegro completed Kwon’s extradition to the United States.