By Luc Cohen 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.

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.

Alleged crypto fraudster Do Kwon was facing multiple federal charges in the United States Thursday after being extradited from Montenegro. He was a fugitive wanted in the 2022 $40 billion TerraUSD collapse.

Kwon's Terraform Labs developed the luna cryptocurrency and stablecoin terraUSD, which folded in 2022, losing an estimated $40 billion

Terraform Labs Pte. co-founder Do Kwon pleaded not guilty to US fraud charges tied to the $40 billion collapse of the TerraUSD stablecoin.

Do Kwon pleads not guilty in Manhattan as US fraud trial begins, facing charges related to the TerraUSD and Luna collapse.

PODGORICA, Montenegro (AP) — Montenegro on Tuesday extradited a South Korean mogul known as “the cryptocurrency king” to the United States, following a decision of its justice ministry earlier this month to accept a U.S. request, while refusing a South Korean handover plea, the Balkan country’s authorities said.

Do Kwon, a South Korean cryptocurrency entrepreneur, pleaded not guilty to U.S. criminal fraud charges after losing an estimated $40 billion from digital currencies TerraUSD and Luna. Prosecutors allege that Kwon misled investors with false claims.

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.