According to Foresight News, US regulators in Manhattan will hear the case against Terra and its co-founder Do Kwon on Monday. Do Kwon has been transferred to a foreigner 'reception center' in Montenegro since March 23, awaiting a final extradition decision, and will be absent from the trial.

The US Securities and Exchange Commission (SEC) accuses Do Kwon of misleading investors about the stability of TerraUSD in 2021. Federal prosecutors in New York also charge Do Kwon with fraud and are seeking to extradite him to the United States.