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U.S. prosecutors estimate that over one million individuals and entities were affected by the collapse of the TerraUSD and Luna cryptocurrencies, linked to Terraform Labs co-founder Do Kwon. The indictment alleges Kwon misled investors about the decentralized nature of his financial ecosystem, resulting in losses exceeding $40 billion. Following his capture in Montenegro, Kwon faces multiple criminal charges in the U.S., including fraud and conspiracy, and has pleaded not guilty.
Do Kwon, co-founder of Terraform Labs, pleaded not guilty to U.S. fraud charges linked to the $40 billion collapse of TerraUSD, affecting over a million victims. Extradited from Montenegro, he faces nine felony charges and remains in detention as the case highlights the need for accountability in the cryptocurrency sector. Following a separate SEC civil case, Kwon and Terraform were ordered to pay $4.5 billion in penalties, further complicating the legal landscape for crypto leaders.
Daniel M. Gitner
People
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do kwon faces charges as over one million victims emerge in crypto fraud
21:17 07.01.2025
do kwon pleads not guilty in fraud case affecting over one million victims
03:22 07.01.2025
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