The co-founder of the cryptocurrency company Terra, Do Kwon, has pleaded not guilty to fraud charges in a hearing at the Manhattan federal court. According to Reuters, Do Kwon's lawyer Andrew Chesley defended him and stated that they will not seek bail for the time being. U.S. District Judge Robert Lehrburger consequently ordered his detention. When U.S. Marshals escorted Do Kwon out of the courtroom, he took with him a copy of the 79-page indictment and is expected to appear in court again on January 8.