Wu said that the U.S. Department of Justice announced that Terraform Labs co-founder Do Kwon has been extradited from Montenegro to the United States and will make his first appearance in Manhattan federal court on December 31, 2024, facing nine federal charges including commodity fraud, securities fraud, telecommunications fraud, and conspiracy to commit money laundering, with a maximum cumulative sentence of up to 130 years in prison. The core crimes charged in the indictment include: false advertising of Terra's stability, manipulating the Luna Foundation Guard (LFG), controlling the Mirror protocol, falsifying Chai's usage of Terra, and abusing Genesis Coins. The indictment alleges that Do Kwon artificially inflated the value of UST and LUNA through false statements and market manipulation, resulting in losses of over $40 billion in investor assets. Do Kwon's preliminary hearing is scheduled for January 8, 2025. Previously, Do Kwon pleaded not guilty to all charges during his appearance and agreed to be detained prior to trial.