On January 2, the Manhattan District Attorney’s Office released an indictment against Terraform Labs co-founder Do Kwon, Inner City Press reports. That same day, he appeared before a U.S. court.

OK – now in courtroom for US v. Do Kwon presentment after his extradition in from Montenegro for Terraform crypto fraud – Inner City Press will cover the case(s) https://t.co/G3vwN2mZuS and live tweet, thread below pic.twitter.com/mOWWGlSFrK
— Inner City Press (@innercitypress) January 2, 2025

The indictment includes nine counts, such as conspiracy to commit fraud and money laundering, market manipulation, and securities fraud. According to media reports, Kwon has pleaded not guilty.

A statement by the U.S. Department of Justice indicates that, if found guilty on all charges, the Terraform Labs co-founder could face up to 130 years in prison. The next hearing is scheduled for January 8.

Context:

On December 27, Montenegro’s Minister of Justice Bojan Božović approved Kwon’s extradition to the United States, concluding several months of legal wrangling between local courts and Kwon’s defense team dating back to spring 2023.
On December 31, Montenegro completed the procedure to extradite Kwon to U.S. authorities.