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DO KWON, THE CONTROVERSIAL NAME OF THE CRYPTOCURRENCY WORLD, IS BEING TRIED IN THE US
Terraform Labs co-founder Do Kwon appeared in court in New York after being extradited from Montenegro to the US. Kwon pleaded not guilty to nine charges brought against him in connection with the collapse of the TerraUSD and LUNA ecosystems.
The court will hold a status assessment meeting on January 8, 2025. At this meeting, the parties will present evidence and determine the next hearing dates.
Kwon's trial could lead to increased regulatory scrutiny in the cryptocurrency market. The collapse of the Terra ecosystem cost investors billions of dollars and caused a crisis of confidence in the sector.
If Kwon is found guilty, he is likely to face a long prison sentence for crimes such as securities fraud and money laundering. This case could set an important precedent for strengthening the regulatory framework in the cryptocurrency sector and protecting investors.
As a result, Do Kwon’s trial in the US could pave the way for increased regulatory scrutiny of the cryptocurrency market and stricter regulatory enforcement in the sector.