United States District Judge Paul Engelmayer set the trial date for Do Kwon, founder of Terraform Labs, for January 26, 2026

Judge Engelmayer called the decision to set the trial date so far in advance “unprecedented,” while acknowledging the need for time from both parties.

The charges against Kwon relate to the collapse of Terraform Labs’ algorithmic stablecoin, TerraUSD (UST), which resulted in estimated losses of US$40 billion and a wider crisis in the cryptocurrency industry in 2022.

The court session addressed pre-trial procedures and started the discovery phase, with Engelmayer encouraging discussions on plea negotiations.

Kwon appeared in the US District Court for the Southern District of New York today for an initial conference regarding his federal fraud case.

Kwon has pleaded not guilty to multiple felony charges, facing up to 130 years in prison if convicted.

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