A tentative trial date has been set for January 2026 in the US criminal fraud case against Do Kwon, co-founder and former CEO of Terraform Labs, allowing both the prosecution and defense sufficient time to review the extensive six-terabyte evidence trove. During a Manhattan hearing, lead prosecutor Jared Lenow mentioned that the government faces delays due to encrypted data and the need to unlock four cell phones provided by Montenegrin authorities, as well as translate material from Kwon's native Korean. Judge Paul Engelmayer noted the unusual delay in scheduling the trial, giving the defense a week to consider requesting an earlier trial date in 2025.
Kwon has pleaded not guilty to a nine-count indictment related to the $40 billion collapse of the Terra/LUNA ecosystem in 2022. Previously, Kwon and his company were found guilty of civil fraud by a New York jury and ordered to pay $4.5 billion in penalties.