$LUNA $LUNC Hot news, I have organized a bit, please follow, I will continue to share updates! On January 2, 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 American court. At the hearing in the Manhattan Federal Court, Do Kwon pleaded not guilty, and the case will formally enter the trial process.
Odaily previously reported that Montenegro's 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 the X platform: "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 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.
Outlook on the trial process
In court, Do Kwon pleaded not guilty to the charges against him. So what will happen next?
Pleading not guilty is a formal statement made by a defendant in a criminal case in the U.S. judicial system regarding the court’s charges, meaning he denies committing the crimes alleged. This does not mean the defendant is directly found not guilty, but rather requires the prosecution to provide sufficient evidence to prove the charges are valid. The case will enter the trial stage, where the court will decide whether the defendant is guilty.
The case will be heard again on January 8.
In other words, we will soon witness a courtroom drama similar to the one with SBF earlier this year, from witnesses testifying to the final verdict, many inside stories of the Terra collapse will be revealed. Odaily will continue to follow the report for you.
He may be sentenced to 130 years, but he is smiling.