Do Kwon Pleads Not Guilty to US Charges Over Terra Collapse

Terraform Labs Pte. co-founder Do Kwon pleaded not guilty to US fraud charges tied to the $40 billion collapse of the TerraUSD stablecoin.

Kwon, 33, entered his plea Thursday before a US Magistrate Judge Robert Lehrburger in Manhattan. Through his lawyer, Kwon agreed to be held without bail. He faces nine counts, including wire, securities and commodities fraud.

The former cryptocurrency mogul’s New York court appearance capped a nearly two-year drama over whether Kwon would first be prosecuted in the US or his native South Korea. He was extradited to the US earlier this week by authorities in Montenegro, where ...