Critical Date Set for Trial to Determine the Fate of Terra (LUNA) and Founder Do Kwon

The high-profile trial of Terraform Labs founder Do Kwon has been postponed until January 26, 2026, as legal proceedings surrounding the cryptocurrency firm’s collapse continue.

The case, which has garnered international attention, began with Kwon being detained in Montenegro and then extradited to the U.S. On January 2, 2025, sources reported that Kwon would appear before U.S. District Court for the Southern District of New York Magistrate Judge Robert W. Lehrburger on the same day.

The supplemental indictment against Kwon was signed by District Judge John P. Cronan and ordered unsealed at 9 a.m. on January 2. However, the document was not made available until almost noon, shortly before Kwon's arraignment in court. During the hearing, Kwon pleaded not guilty and was remanded in custody.

The case was assigned to Judge Paul A. Engelmayer, and a request for victim notification was received from the U.S. Attorney's Office on January 6. Following a conference on January 8, Judge Engelmayer set a trial date of January 26, 2026.

The collapse of Terraform Labs and associated cryptocurrencies including TerraUSD and LUNA triggered significant financial losses for investors and scrutiny from regulators around the world.

*This is not investment advice.