Reuters reports that South Korean cryptocurrency mogul Do Kwon, who served as Terraform Labs co-founder and led TerraUSD and Luna currency development, has denied guilt over securities, commodities, and wire fraud, as well as money laundering conspiracy charges following his extradition to the U.S. earlier this week.
Investors were deceived by Kwon to purchase Terraform products and increase the value of Luna to $50 billion in early 2022 after he claimed to restore the dwindling value of the TerraUSD stablecoin only for the values of both coins to crash in May of the same year, prosecutors alleged. "Much of this growth followed Kwon's brazen deceptions about Terraform and its technology," said the indictment. Such a development comes months after Kwon and Terraform entered a $4.55 billion settlement with the Securities and Exchange Commission that entailed a cryptocurrency transaction ban, as well as an $80 million civil penalty.
