The post Do Kwon Pleads Not Guilty as Legal Battle Begins in US appeared on BitcoinEthereumNews.com.

The hearing followed his extradition from Montenegro. Meanwhile, a California resident sued three Asian banks for allegedly enabling a $1 million crypto scam by failing to conduct proper KYC and AML checks. US lawmakers also recently demanded answers about a Treasury Department cyber breach that was attributed to a Chinese APT group. Additionally, blockchain firm Virtuals Protocol addressed a critical vulnerability in one of its smart contracts which was discovered by researcher Jinu. Do Kwon’s Legal Saga Unfolds with First Hearing in New York Terraform Labs co-founder Do Kwon appeared before a US magistrate in New York on Jan. 2 of 2025, where he pleaded not guilty to charges linked to the collapse of the Terra ecosystem. The charges include securities fraud, wire fraud, money laundering, and commodities fraud.  This was Kwon’s first legal hearing since his extradition to the United States. During the hearing, Kwon agreed to be held without bail, and a status conference is scheduled for Jan. 8, 2025, to address evidence sharing and motions as the case moves toward trial. Do Kwon Kwon’s extradition happened after a decision by Montenegrin authorities, who deemed that he met the criteria to be extradited to either the United States or South Korea. On Dec. 27, Montenegrin Minister of Justice Bojan Božović finally approved Kwon’s extradition to the US due to the gravity of the crimes, the location of the offenses, and other legal considerations. By Dec. 31, Montenegrin Prime Minister Milojko Spajić confirmed Kwon was in US custody. The legal developments are part of a broader saga for Kwon, whose extradition process and subsequent legal battles have been ongoing since 2023. Terraform Labs previously reached a settlement with the US Securities and Exchange Commission (SEC) in June of 2024 by agreeing to pay $4.47 billion, including $204 million in…

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Filed under: News - @ January 3, 2025 1:27 pm