Disgraced Terraform Labs co-founder Do Kwon will reportedly go on trial in the US early next year.
Bloomberg reports that New York District Judge Paul Engelmayer on Wednesday set the schedule for the trial, which is set to begin on January 26, 2026 and is expected to last one to two months.
Kwon is facing criminal fraud charges stemming from the 2022 collapse of the algorithmic stablecoin TerraUSD and the LUNA token. US prosecutors allege the 33-year-old misled investors about the stability of the crypto assets, leading to the collapse of the $40 billion Terra ecosystem.
The development follows Kwon’s extradition from Montenegro. He was arrested at Podgorica airport in March 2023 when he tried to board a flight to Dubai using a fake Costa Rican passport.
The South Korean software engineer faces charges in both the US and his native country, but Montenegrin authorities decided to extradite him to the United States. He arrived in the US on December 31.
Kwon is charged with eight counts, including conspiracy to defraud, two counts of commodity fraud, two counts of securities fraud, two counts of bank fraud and conspiracy to defraud and participate in market manipulation.
Kwon faces a maximum prison sentence of 130 years if convicted of all charges.
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