Disgraced Terraform Labs co-founder Do Kwon will reportedly face trial within the US early subsequent yr.
Bloomberg reports that New York District Decide Paul Engelmayer on Wednesday set the schedule of the trial, which can start on January twenty sixth, 2026 and is anticipated to final from one to 2 months.
Kwon is dealing with legal fraud costs that arose from the 2022 collapse of the TerraUSD algorithmic stablecoin and LUNA token. US prosecutors allege that the 33-year-old misled buyers concerning the stability of the crypto property, which led to the $40 billion collapse of the Terra ecosystem.
The event comes following Kwon’s extradition from Montenegro. He was arrested on the Podgorica Airport in March of 2023 whereas making an attempt to board a flight to Dubai utilizing a pretend Costa Rican passport.
The South Korean software program engineer is dealing with costs in each the US and his native nation, however Montenegrin authorities determined to extradite him to the USA. He arrived within the US on December thirty first.
Kwon is charged with eight counts, which embody conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and conspiracy to defraud and interact in market manipulation.
Kwon faces a most penalty of 130 years in jail if discovered responsible of all the fees.
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