Disgraced Terraform Labs co-founder Do Kwon will reportedly face trial in the US early next year.
Bloomberg reports that New York District Judge Paul Engelmayer on Wednesday set the schedule of the trial, which will begin on January 26th, 2026 and is anticipated to last from one to two months.
[adinserter block="1"]Kwon is facing criminal fraud charges that arose from the 2022 collapse of the TerraUSD algorithmic stablecoin and LUNA token. US prosecutors allege that the 33-year-old misled investors about the stability of the crypto assets, which led to the $40 billion collapse of the Terra ecosystem.
The development comes following Kwon’s extradition from Montenegro. He was arrested at the Podgorica Airport in March of 2023 while attempting to board a flight to Dubai using a fake Costa Rican passport.
The South Korean software engineer is facing 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 31st.
Kwon is charged with eight counts, which include conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and conspiracy to defraud and engage in market manipulation.
Kwon faces a maximum penalty of 130 years in prison if found guilty of all the charges.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
