Terraform Labs Pte. is facing trial over civil fraud claims related to the collapse of its TerraUSD stablecoin. Co-founder Do Kwon is awaiting extradition to the US or South Korea to face criminal charges. The trial in Manhattan federal court has kicked off with the US Securities and Exchange Commission alleging that Terra was a fraudulent operation, resulting in significant investor losses. The case is garnering significant attention as it unfolds, with potential implications for the future of stablecoin regulation and investor protection.