Do Kwon
Judge Schedules Do Kwon’s Criminal Trial for Early 2026 Weeks After Successful Extradition to US: Report
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.
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.
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LUNC News: Terra Luna Classic community’s recovery efforts hit roadblocks as the broader crypto market took a downturn, with traders reconsidering market activity ahead of Donald Trump’s inauguration on January 20. Here are key developments making buzz in the Terra Luna Classic community.
Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for governance voting next week and the mainnet upgrade is planned to happen in February.
“We have successfully transitioned all relevant logic and code that were previously part of the forked repository. The changes include the following repositories and associated modules.”
According to the developer group, the upgrade will bring Terra Luna Classic into alignment with the mainstream Cosmos ecosystem. It makes security updates and maintenance easy. This includes the fix of multi-send handling for the “reverse charge” implementation.
Billions of LUNC and USTC Tokens Burn
The Terra Luna Classic community is planning major LUNC and USTC burn campaigns after Terraform Labs bankruptcy. With support from Binance LUNC burn mechanism, the community has burned nearly 400 billion LUNC tokens in total.
Currently, the community plans to burn 1.8 billion USTC in Luna Foundation Guard-linked wallets, burning all USTC in the Oracle rewards pool, and burn LUNC and USTC in wallets no one has access to. The plans were proposed by Lunanauts validator, hoping for potential repeg.
Burn it. TFL case is over. LFG doesn’t exist. Just burn it.
— fragwuerdig | Juris Protocol 🧑⚖️ (@frag_dude) January 12, 2025
Building for Utility on Terra Classic Network
Recently, the network was successfully boosted with “Upgrade to v3.3.0” to increase utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.
The Terra Luna Classic ecosystem is growing with Terraport, LBUN, Selenium, Garuda DEX, and TerraCasino. Selenium Protocol was created in line with Mirror Protocol, the most important protocol of the Terra chain.
Terra Co-Founder Do Kwon’s Criminal Trial
Terraform Labs co-founder Do Kwon was finally extradited to the U.S. authorities, but he pled not guilty to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy.
Do Kwon’s criminal fraud trial will likely not begin until January 2026 as prosecutors work on unlocking encrypted devices and translating communications from Korean into English.
LUNC and USTC Prices to Recover
LUNC price is down 15% in a week amid the broader crypto market crash, with the price currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.
As per an analysis, LUNC price is following the altcoin market trend exactly. The price is at the key Fibonacci 0.618 level. Additionally, trading volume remains at the lowest level. These sections do not last long, cause extreme volatility, and usually have a set direction.
“In the end, LUNC has no choice but to depend on the movement of Ethereum along with the decline in Bitcoin dominance, and it is very important to support it without major deviations from the current section.”
Meanwhile, USTC price climbed nearly 1%, with the price now trading at $0.0185. However, the trading volume saw a 15% decline in the last 24 hours. The price is still down more than 15% in a week.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The U.S. criminal fraud trial of Do Kwon, co-founder and former CEO of Terraform Labs, has been scheduled to begin in January 2026. The decision was announced during an initial hearing in Manhattan, as prosecutors and defense attorneys prepare to review an extensive six-terabyte trove of evidence.
Here’s Why Terraform Co-Founder Do Kwon’s Trial Is Delayed Until 2026
According to a recent report from Manhattan’s Southern District Court, the criminal fraud trial of Terraform Co-Founder Do Kwon has been tentatively set for January 2026. This extended timeline accommodates the need for both prosecution and defense to thoroughly review the massive six-terabyte trove of data included in the discovery process.
Prosecutors noted several challenges that contributed to the delay, including difficulties unlocking four cell phones provided by Montenegrin authorities during Kwon’s extradition. Additionally, the data extracted from these devices requires translation from Korean into English.
Therefore, accessing and interpreting data has posed unique hurdles. The encrypted cell phones are expected to contain crucial evidence related to the charges against the Terraform Co-Founder.
This Is a Developing Story, Please Check Back For More
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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A Manhattan hearing today saw Terraform Labs co-founder, Do Kwon, deny charges tied to the TerraUSD collapse.
Do Kwon, the co-founder the co-founder of Terraform Labs, pleaded not guilty to criminal fraud charges in a Manhattan federal court on Thursday after being extradited from Montenegro, according to Reuters.
The charges stem from his role in the collapse of the TerraUSD and Luna cryptocurrencies, which erased an estimated $40 billion in market value in 2022.
Do Kwon ‘misled’ investors
Federal prosecutors allege that Kwon misled investors about TerraUSD’s stability, claiming in 2021 that its value was maintained by a proprietary algorithm. Prosecutors assert that Kwon secretly used a high-frequency trading firm to artificially sustain the stablecoin’s $1 peg, according to Reuters.
The indictment includes charges of securities fraud, commodities fraud, wire fraud, conspiracy, and money laundering.
The charges follow a turbulent year for Kwon, who fled as the Terra blockchain collapse triggered a wave of bankruptcies, including high-profile firms like Three Arrows Capital.
Interpol issued a Red Notice for his capture, and he was arrested in Montenegro in March 2024 while attempting to board a flight with forged passports.
Montenegro’s Justice Minister recently approved Kwon’s extradition to the United States, ending months of legal wrangling between the U.S. and South Korea, both of which sought to prosecute him. Although Kwon now faces significant legal challenges in the U.S., South Korean authorities continue their investigation, which could lead to a 40-year prison sentence if convicted.
Kwon’s next court appearance is expected to outline further proceedings. His case remains a central topic in discussions about accountability within the cryptocurrency industry.
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