Terraform Labs co-founder and TerraUSD and Luna Do Kwon pleaded not guilty in Manhattan federal court. A nine-count indictment alleging securities fraud, wire fraud, and money laundering conspiracy. Federal prosecutors claim Kwon misled investors about the stability of TerraUSD, a stablecoin, by secretly using a high-frequency trading firm to artificially maintain its value. Terraform products allegedly surged to $50 billion before collapsing in May 2022, triggering broader crypto market turmoil. Terraform declared bankruptcy last January.