Analysis: Do Kwon may face up to 130 years in prison, the US Department of Justice needs to prove his actions had criminal intent

Coinage founder Zack Guzmán wrote on X: "Terra founder Do Kwon could face up to 130 years in prison after being extradited to the United States. He appeared in a U.S. court for the first time, facing widespread fraud charges that may have affected the entire cryptocurrency field. The criminal charges detailed in the U.S. Attorney's 79-page indictment include new charges not included in the U.S. SEC civil trial. Since the U.S. Department of Justice must prove that Do Kwon's actions were criminally intent, the criminal case will be more detailed. The reason this case is more interesting than the SBF/FTX case is that it is more directly applicable to crypto projects and founders experimenting in DeFi. Prosecutors are investigating five plans by Do Kwon to defraud investors: 1. Falsely promote Terra's stability; 2. Manipulate Luna Foundation Guard (LFG); 3. Control Mirror Protocol; 4. Forge Chai's use of Terra; 5. Abuse of 'Genesis Coins'. Do Kwon will appear in court this week for follow-up trials of the case." Previously, Terraform Labs founder Do Kwon pleaded not guilty to U.S. fraud charges at a hearing in Manhattan federal court. Do Kwon submitted his request before Judge Robert Lehrburger of the U.S. District Court for the Southern District of New York in Manhattan on Thursday afternoon local time. After that, the defense and prosecution will hold a status conference on January 8, 2024 to share evidence and discuss pre-trial motions. Previously, Do Kwon faced nine charges for his role in the collapse of the Terra ecosystem in 2022, including securities fraud, wire fraud, money laundering charges, and commodity fraud charges.