Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion or more last year, has been charged with fraud by U.S. prosecutors.
An eight-count indictment against Kwon was made public in the U.S. District Court in Manhattan, several hours after news of his arrest earlier Thursday in Montenegro.
The criminal case follows related U.S. Securities and Exchange Commission civil charges against Kwon and Terraform last month. TerraUSD was a so-called "stablecoin" designed to maintain a constant $1 price, while Luna's value fluctuated.
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