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. At the hearing in the Manhattan federal court, Do Kwon pleaded not guilty, and the case will officially enter the trial process.

Odaily previously reported that Montenegrin Prime Minister Milojko Spajic stated on Tuesday that Montenegro has completed the procedures for extraditing 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 faces lawsuits in both New York and Seoul due to the collapse of the TerraUSD stablecoin worth 40 billion dollars 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 brought by 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 dollars to settle with the U.S. Securities and Exchange Commission.