Korean crypto mogul Kwon to go on trial in January 2026: report

Cops escort Terraform Labs co-founder Do Kwon after he served a sentence for doc forgery, in Podgorica, Montenegro, March 23, 2024. Reuters-Yonhap

Korean crypto mogul Kwon Do-hyeong will stand trial on prison fraud expenses in the USA in January subsequent 12 months as he was extradited from Montenegro to face the costs late final month, in accordance with Bloomberg.

District Choose Paul Engelmayer in New York scheduled the trial for Jan. 26 subsequent 12 months, because the co-founder of Terraform Labs has pleaded not responsible to the costs.

Kwon is alleged to have orchestrated schemes to defraud purchasers of Terraform cryptocurrencies from 2018-2022. The 2022 crash of Terraform’s cryptocurrencies erased over $40 billion in losses to quite a few traders in the USA and around the globe, in accordance with his indictment.

Kwon’s expenses embody commodities fraud, securities fraud, wire fraud and cash laundering conspiracy. If convicted of all expenses, Kwon faces a most sentence of 130 years in jail, in accordance with the U.S. Justice Division.

Kwon arrived within the U.S. on Dec. 31, practically two years after he was arrested in Montenegro in March 2023 for touring on a pretend passport. (Yonhap)