Number of Do Kwon’s victims could exceed one million — court filing
Prosecutors estimate that Do Kwon, co-founder of Terraform Labs, may have over one million victims globally following the collapse of the Terra ecosystem. A filing in the US District Court for the Southern District of New York indicated that a website will be established to inform victims of their rights. The government noted the difficulty in quantifying victims due to the nature of cryptocurrency transactions. Kwon pleaded not guilty to nine felony charges related to fraud and is in detention. The Terra ecosystem's collapse in 2022 contributed to a significant downturn in the crypto market. Kwon was arrested in Montenegro in 2023 and extradited to the US. He faces charges alongside other notable crypto executives. In April 2024, a US judge found Kwon and Terraform liable for fraud, resulting in a $4.5 billion settlement.
