Terraform’s Do Kwon to face 2026 trial in New York on US fraud charges
Kwon pleaded not guilty last week following a two-year extradition drama
Terraform Labs Pte. cofounder Do Kwon will go on trial early next year in the US on criminal fraud charges tied to the $40 billion collapse of the TerraUSD stable coin in 2022.
US District Judge Paul Engelmayer in New York on Wednesday scheduled the trial for Jan. 26, 2026. It’s expected to last four to eight weeks.
Kwon pleaded not guilty last week following a two-year extradition drama over whether he would first face prosecution in the US or his native South Korea.
Kwon was charged in both countries in connection with the implosion of Singapore-based Terraform’s TerraUSD, which shook the crypto world in the spring of 2022. The downturn that followed played a role in the collapse of cryptocurrency exchange FTX.
In June, Terraform agreed to pay $4.47 billion to resolve a lawsuit filed by the US Securities and Exchange Commission over the collapse. In April, a New York jury found Kwon liable for fraud following a two-week civil trial of the SEC case, though the criminal standard for guilt is higher.
