US prosecutors say they are preparing a massive amount of evidence against Do Kwon, up to 6 terabytes of data, so they need more time to decrypt and translate it from Korean to English.
Do Kwon's trial in the US is scheduled for 01/2026. Image: Fortune
At the hearing on 01/08/2025, Judge Paul Engelmayer of the Southern District of New York Court selected 01/2026 as the start date for the trial of Do Kwon, who is accused of causing the LUNA - UST collapse that caused $40 billion in damage to the cryptocurrency industry in 2022.
US prosecutors say they need more time to properly prepare and organize the 6 terabytes of data they have collected throughout the investigation. In addition, investigators are also in the process of decrypting 4 mobile phones of Do Kwon that were handed over by the Montenegrin authorities, as well as translating from Korean to English.
The prosecutors estimate that the trial will take up to 6 weeks, with 4 weeks alone dedicated to the prosecution presenting evidence and questioning witnesses.
Judge Engelmayer said this is the first time he has allowed the trial to take place up to 1 year from the start of the hearings. Engelmayer also gave Do Kwon's defense lawyers the right to see if their client wants an earlier trial, with a deadline to respond within 1 week.
For comparison, Sam Bankman-Fried's trial also took place within 6 weeks, with the start date being 10 months after the former FTX CEO pleaded not guilty. Despite facing a total sentence of over 100 years in prison, this person ultimately only received a 25-year sentence.
As reported by Coin68, Do Kwon was extradited to the US by the Montenegrin authorities at the end of December, after 22 months of detention in that country for using a fake passport and subsequent jurisdictional disputes between the authorities.
In the US, Kwon is facing 9 criminal charges related to securities fraud, wire fraud, commodities fraud, and money laundering. If convicted on all charges, the Terraform Labs founder could face up to 130 years in prison. However, in the first hearing last week, Do Kwon pleaded not guilty before the US authorities, choosing to legally fight for himself.
Do Kwon is currently being held in a New York prison without bail.
US prosecutors estimate there are over 1 million victims in Do Kwon's case. To ensure the rights of all, the US government plans to set up a website to publicly disclose information about the legal procedures involved.
In mid-2024, Terraform Labs announced its dissolution after agreeing to pay a fine of up to $4.47 billion to the US Securities and Exchange Commission (SEC).
The next hearing to update the progress of Do Kwon's trial is expected to take place on 03/06/2025 (US time).
Compiled by Coin68
