Do Kwon Pleads Not Guilty In First Court Appearance
Do Kwon appeared in a U.S. court for the first time today to face federal fraud charges. Local reporters said Quan entered a plea of ”not guilty.”
The U.S. Justice Department is seeking prison time for his crimes, and his home country wants to see him jailed as well.
Daoquan finally appeared in court for trial
For Quan, Founder of Terraform Labshas been involved in this extradition battle for quite some time. High Court of Montenegro Approval of Kwon’s preliminary extradition February 2024, but he After many appeals.
However, this battle Finally ended on December 27thand the U.S. authorities Arrested him on New Year’s Eve. Today, he Appeared in court.
“Do Kwon was chatting with one of his lawyers, smiling – clearly in good spirits. The FBI took him into custody at 10 a.m. local time in Montenegro on December 31. A local reporter in court said Kwon passed The lawyer pleaded not guilty, adding: “We agreed to the detention without prejudice” claim.
The protracted legal battle revolves around TerraUSD crashwhen One of Terraform’s stablecoins significantly weakening the market. Daoquan reached an undisclosed settlement A report was filed with the SEC in May, but it only involved one set of allegations. The Commission wants Mr. Quan to mislead investors and should impose penalties such as fines and bans.
However, Do Kwon is wanted by the U.S. Department of Justice for committing fraud in the financial sector and for using a false passport to abscond in an unsuccessful attempt. These TOLL Jail time involved.
In addition, Kwon’s native South Korea also attempted to prosecute him, If convicted, he faces 40 years in prison within that jurisdiction.
His apparent calmness is quite remarkable given the extreme gravity of these events. However, today’s court appearance is just the beginning of a long arraignment and trial process. Do Kwon fought hard to avoid extradition to the United States, even Funding Montenegrin opposition parties Increase his chances of staying in the country.
In short, it currently appears likely that Do Kwon will face jail time, even if he seeks a plea deal similar to the one reached by the SEC. Despite growing pro-crypto sentiment in the U.S. government, Prosecutors remain outspoken in their desire Sentence Major fraudsters like Sam Bankman Freed. High-profile cases like the Quan case also draw attention.
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