South Korean cryptocurrency mogul Do Kwon has pleaded not guilty to a freshly unsealed indictment released in time for his first U.S. court appearance. Kwon entered the plea in Manhattan federal court on Thursday, two days after his extradition from Montenegro. The indictment alleges that the man dubbed by some as “the cryptocurrency king” lied to investors to fool them into pouring money into the Singapore crypto firm Terraform Labs. Authorities say investors worldwide were harmed by the $40 billion crash of Terraform Labs' cryptocurrency. The May 2022 collapse came despite the company's claim that TerraUSD was a “stablecoin” that could be relied upon.
