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.

Terraform Labs co-founder Do Kwon denies fraud charges in U.S. court after extradition, while facing allegations tied to $40B Terra collapse.

Montenegro's Minister of Justice, Bojan Božović, said in a statement he approved the Terraform founder's extradition to the U.S. rather than South Korea.

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.

Montenegro extradited crypto mogul Do Kwon to the U.S. after rejecting South Korea's request. Kwon, founder of Terraform Labs, faces U.S. fraud charges tied to a $40 billion crypto crash that hurt investors globally.

Terraform Labs co-founder Do Kwon has pleaded not guilty to U.S. fraud charges after being extradited from Montenegro.

Montenegro has approved the extradition of a South Korean mogul known as “the cryptocurrency king” to the United States.

Montenegro said on Tuesday it completed the extradition of crypto mogul Do Kwon to the United States, Prime Minister Milojko Spajic said.

The South Korean co-founder of Terraform Labs had been on the run following fraud allegations over the cryptocurrencies he developed.