Do Kwon, co-founder of Terraform Labs, is scheduled for trial in January 2026 in the US over fraud charges connected to the $40 billion Terra/LUNA collapse. Significant delays result from decrypting data obtained from Montenegro and translating documents from Korean. Kwon, extradited from Montenegro, faces multiple charges including securities and wire fraud.

Lead prosecutor Jared Lenow noted that accessing encrypted data from devices remains a primary challenge. The phones were transferred to US authorities when Kwon was extradited on December 31, 2024. Kwon pled not guilty to allegations, including money laundering conspiracy. The trial could mirror FTX’s case, though Kwon might face stricter judgment due to the larger impact.