Trial Date Set for Do Kwon in Terra-Luna Collapse Case, Facing Decades in Prison

CoinMarketCap01-09 16:34

Do Kwon, co-founder of Terraform Labs, faces up to 130 years in prison if convicted on nine charges including securities fraud and money laundering. The TerraUSD and LUNA collapse led to significant ...

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Currently detained in a federal detention center in Brooklyn, New York, Kwon has already made two court appearances.During his initial arraignment on January 2, Kwon pleaded not guilty to all charges laid a","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UST":"ProShares Ultra 7-10 Year Treasu"},"translate_title":"Terra-Luna倒塌案中Do Kwon的审判日期确定，面临数十年监禁","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UST":1},"content_text":"Do Kwon, co-founder of Terraform Labs, faces up to 130 years in prison if convicted on nine charges including securities fraud and money laundering.\nThe TerraUSD and LUNA collapse led to significant investor losses, triggering a high-profile legal battle set to begin in January 2026.\n\nIn a significant development in the cryptocurrency world, Do Kwon, the South Korean businessman linked to the dramatic collapse of the LUNA token and its associated dollar-pegged stablecoin, TerraUSD (UST), will stand trial in the United States.\nThis trial, as announced by Judge Paul Engelmeyer of the Southern District of New York, is slated to commence in January 2026.\nThe case against Kwon, who was extradited to the U.S. from Montenegro on December 31, 2024, marks a pivotal moment in crypto-regulatory actions. Currently detained in a federal detention center in Brooklyn, New York, Kwon has already made two court appearances.\nDuring his initial arraignment on January 2, Kwon pleaded not guilty to all charges laid against him, setting the stage for a complex legal battle.\nThe Charges and the Allegations\nProsecutors in the U.S. have levied nine charges against Kwon, including securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering. The prosecution asserts that Kwon, as the founder of Terraform Labs, disseminated false information about the stability and reliability of the TerraUSD stablecoin in 2021.\nThey further allege that the growth of Terra and Luna was significantly driven by Kwon‘s fraudulent actions.\nThese charges highlight a crucial aspect of the crypto world— the thin line between rapid growth and potential regulatory infractions. Kwon‘s case underscores the vulnerability of digital currencies to swift downfalls when foundational trust is breached.\nImplications for Crypto Regulation\nThe trial does not just address the fate of Kwon but also poses broader questions about the regulation of cryptocurrencies.\nWith the changing political landscape in the United States, particularly with a pro-cryptocurrency president like Donald Trump possibly assuming office, the outcome of this trial could have far-reaching implications on the regulatory framework governing digital currencies.\nScheduled proceedings include a pre-trial hearing set for March 6, where further details of the government’s case against Kwon will be delineated. This additional pre-trial aims to clarify the intricacies of the charges and prepare both defense and prosecution for the primary trial phase.\nThe Terra/Luna debacle is widely regarded as one of the most shocking financial collapses in recent years, drawing the attention of regulatory bodies across Singapore, South Korea, and the United States.\nThese entities have scrutinized the collapse and pointed to Kwon as a principal architect of what they consider a multi-million-dollar cryptocurrency fraud.\nAs this legal drama unfolds, the cryptocurrency community remains on edge, watching closely as this case could dictate future regulatory approaches and stability mechanisms within the global cryptocurrency markets.\nThe post Trial Date Set for Do Kwon in Terra-Luna Collapse Case, Facing Decades in Prison appeared first on ETHNews.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2502980150"}