Do Kwon’s Alleged Crypto Fraud Might Impact Over a Million Victims: US Prosecutors
The collapse of Terraform Labs’ ecosystem, spearheaded by its co-founder Do Kwon, may have left over one million victims worldwide, according to US prosecutors.
The fallout from the failed TerraUSD (UST) stablecoin and its companion token, LUNA, caused over $40 billion in investor losses, marking one of the most significant events in cryptocurrency history.
Legal Proceedings Begin in the United States
Following his extradition from Montenegro, Do Kwon appeared before the US District Court for the Southern District of New York on January 2, where he pleaded not guilty to nine felony charges, including securities fraud, commodities fraud, and money laundering conspiracy. Acting US Attorney Daniel Gitner, in a January 6 court filing,…
