DO Kwon enters the courtroom. However, Do Kwon refuses to plead guilty, and the defense team is vigorously defending him.

According to a report by The Block, Kwon is also facing civil charges brought by the U.S. Securities and Exchange Commission (SEC) in February 2023. The lawsuit between Terraform and the SEC began hearings at the end of March, but he did not participate. In April, the jury found Terraform and Kwon misled investors and were liable for civil fraud, violating federal securities laws.

Kwon faces two counts of commodity fraud (each carrying a maximum sentence of 10 years), two counts of securities fraud (each carrying a maximum sentence of 20 years), two counts of telecommunications fraud (each carrying a maximum sentence of 20 years), two counts of conspiracy (each carrying a maximum sentence of 5 years), and one count of money laundering conspiracy (carrying a maximum sentence of 20 years). If all charges are upheld, Do Kwon could face up to 130 years in prison, more than five times that of SBF.