Terra Classic (LUNC) co-founder Do Kwon will face trial in a year's time for his alleged role in the $40 billion criminal fraud case, a report said on Wednesday.
According to Bloomberg, U.S. District Judge Paul Engelmayer set a trial date for Jan. 26, 2026, in New York, which is expected to last for four to eight weeks.
Kwon has been charged with various counts of commodities fraud, conspiracy, securities fraud, and wire fraud in connection with the collapse of LUNC and stablecoin TerraUSD (USTC) in 2022. The incident caused an estimated $40 billion loss.
The drop had far-reaching consequences, undermining investor confidence and resulting in prolonged months of lower valuations, also known as a bear market.
Kwon was extradited from Montenegro to face these charges in a U.S. court. He pleaded not guilty to these charges.
Do Kwon's extradition ended a legal tug-of-war between the U.S. and South Korea, his native country, over competing extradition requests.
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