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Do Kwon Faces New Legal Twist: Money Laundering Conspiracy Charge Added
Last Updated: January 03, 2025
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Key Takeaways
- Do Kwon faces a new money laundering conspiracy charge after his extradition to the US;
- The updated indictment alleges Kwon knowingly handled over $10,000 from illegal sources;
- Kwon pleaded not guilty to all charges, which left his legal path uncertain.
Terraform Labs co-founder Do Kwon is facing an additional legal challenge after being extradited from Montenegro.
US authorities have charged Kwon with conspiracy to commit money laundering.
This accusation was not part of the original eight charges filed against Kwon in March 2023. The updated indictment was initially sealed in May 2024 and was only made public at Kwon's recent court appearance.
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The new charge was included in a revised indictment revealed on January 2 in a federal court in New York. According to US Attorney Damian Williams, Kwon and others allegedly handled transactions exceeding $10,000, fully aware that the money originated from illegal activities.
At his January 2 hearing, Kwon pleaded not guilty to all charges and agreed to remain in detention. It remains unclear if prosecutors will pursue a plea agreement or proceed to trial.
The co-founder of Terraform Labs was detained in Montenegro in 2023 for attempting to use fake travel documents. Both the United States and South Korea sought his extradition, which led to months of deliberation by Montenegrin authorities. In December 2024, officials decided to hand Kwon over to US custody.
Meanwhile, a crypto lending platform, Celcius, recently decided to appeal a court ruling involving FTX. What happened? Read the full story.
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