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NEW YORK (Reuters) -Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded not guilty on Thursday to U.S. criminal fraud charges after being extradited from Montenegro this week. Federal prosecutors in Manhattan on Thursday unsealed a nine-count indictment charging Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, with securities fraud, wire fraud, commodities fraud and money laundering conspiracy. Kwon, 33, wore an olive green long-sleeved shirt and black sweatpants as his lawyer Andrew Chesley entered the plea at a hearing before U.S. Magistrate Judge Robert Lehrburger in Manhattan federal court.

South Korean cryptocurrency mogul Do Hyeong Kwon pleaded not guilty Thursday to a freshly unsealed indictment released in time for his first U.S. court appearance. Kwon entered the plea in Manhattan federal court two days after his extradition from Montenegro. The indictment alleges that the man dubbed by some as “the cryptocurrency king” lied to investors from 2018 to 2022 to fool them into pouring money into Terraform Labs, the Singapore crypto firm he cofounded.

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