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

Korean crypto mogul Kwon Do-hyeong will stand trial on criminal fraud charges in the United States in January next year as he was extradited from Montenegro to face the charges late last month, according to Bloomberg.

District Judge Paul Engelmayer in New York scheduled the trial for Jan. 26 next year, as the co-founder of Terraform Labs has pleaded not guilty to the charges.

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 numerous investors in the United States and around the world, according to his indictment.

Kwon's charges include commodities fraud, securities fraud, wire fraud and money laundering conspiracy. If convicted of all charges, Kwon faces a maximum sentence of 130 years in prison, according to the U.S. Justice Department.

Kwon arrived in the U.S. on Dec. 31, nearly two years after he was arrested in Montenegro in March 2023 for traveling on a fake passport. (Yonhap)