World Economic Forum: "Arguably the Most Exciting Human Discovery Since Fire"

Sam Altman, Bill Gates, and Mark Zuckerberg are all investing vast sums of money into a radical technology. According to Bloomberg, this could become 10 times bigger than AI, quantum computing, electric vehicles, cryptocurrencies, and robotics combined. And one stock is at the center of it all.

Terra Luna's Do Kwon To Face Criminal Fraud Charges In US

Ivan Crnogatić
January 02, 2025

Do Kwon, co-founder of Terraform Labs, the incubator of TerraUSD (CRYPTO: USTC) and Luna (CRYPTO: LUNC), is set to face criminal fraud charges in a U.S. court following his extradition from Montenegro.

What Happened: Kwon is expected to appear before U.S. Magistrate Judge Robert Lehrburger in a Manhattan federal court on Thursday afternoon, according to the South China Morning Post.

Kwon has been charged with multiple counts of commodities fraud, conspiracy, securities fraud and wire fraud related to the collapse Luna and TerraUSD in 2022, which resulted in an estimated $40 billion loss.

Why It Matters: The extradition marks the end of a prolonged legal battle involving competing requests from the U.S. and South Korea.

Montenegro Minister of Justice Bojan Božović ultimately authorized Kwon’s transfer to the U.S., citing factors such as the gravity of the alleged offenses and the sequence of extradition requests.

Kwon agreed to pay an $80 million civil fine in June 2024, having been banned from cryptocurrency transactions as part of a $4.55 billion settlement with the SEC.

He has denied any wrongdoing related to the charges.

The case has drawn significant attention in the crypto world, with the TerraUSD token experiencing a 4% surge following news of Kwon’s extradition.

Kwon’s legal troubles follow other high-profile, such as Sam Bankman-Fried‘s conviction and sentencing, and Alex Mashinsky‘s guilty plea related to the Celsius Network collapse.

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