On January 2nd, local time in the United States, Do Kwon, the former founder of Terra and co-founder of Terraform Labs, officially appeared in the public eye of the U.S. court. During the hearing at the Manhattan federal court, Do Kwon pleaded not guilty, and the case will officially enter trial proceedings.

Odaily previously reported that the Prime Minister of Montenegro, Milojko Spajic, stated on Tuesday that Montenegro has completed the procedures to extradite Terraform Labs co-founder Do Kwon to the United States. Spajic posted on X platform, saying: 'This extradition demonstrates our unwavering commitment to international justice and the rule of law.'

Do Kwon is facing lawsuits in New York and Seoul due to the collapse of the TerraUSD stablecoin worth $40 billion in 2022. Last year, he was arrested in Montenegro for traveling with a forged passport. In April this year, after a civil trial regarding the charges from the U.S. Securities and Exchange Commission (SEC), Terraform and its founder Do Kwon were found guilty of fraud. Terraform has agreed to pay $4.5 billion to settle with the U.S. Securities and Exchange Commission.