New York District Judge Paul Engelmayer schedules the trial dates of #Terra co-founder Do Kwon for late January 2026, with the proceeding expected to last up to eight weeks.
The court issued the decision yesterday following Kwon’s second court appearance in a New York federal court, according to a Bloomberg report.
Yesterday’s proceeding flagged off the discovery phase of the highly anticipated lawsuit featuring Terra co-founder whose stablecoin, UST, lost its peg to the dollar in 2022, leading to a $40 billion wipeout.
Kwon Trial to Begin in January 2026
Notably, yesterday’s session was scheduled to determine whether the court would grant a settlement of the lawsuit without a trial. However, the court believes a trial is necessary, scheduling the proceeding for January 26, 2026.
Judge Engelmayer approved the date following a request from Kwon’s lawyers, who asked for a year to prepare for the trial. The rationale behind the request is to give the Terra co-founder ample time to prepare for the proceeding due to his other legal woes outside the U.S.
While granting the request, the judge stated that setting a trial date of more than a year after the initial conference has never been done before. Nonetheless, he granted the request, scheduling the date for January 26, 2026.