07.01.2025 13:25
The former CEO of Terraform Labs, Do Kwon, who is facing court in the United States, is facing fraud charges related to the collapse of the cryptocurrencies TerraUSD and Luna. While the number of victims is expected to exceed 1 million, the total reported loss has already reached 40 billion dollars.
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According to accusations from the United States, the collapse of Terraform Labs affected millions of investors as a result of former CEO Do Kwon's fraudulent activities. The statement indicated that the number of affected individuals could exceed 1 million and that the total loss has reached 40 billion dollars. Prosecutors emphasized that it is difficult to inform due to the large number of victims and plan to manage the process through online announcements.
Do Kwon's Destruction: 1 Million Victims in the Collapse of Terraform Labs
According to the latest assessment by U.S. judicial authorities, it has emerged that the number of victims in the cryptocurrency case involving former Terraform Labs executive Do Kwon could exceed 1 million. In a statement from the prosecutor's office, it was emphasized that despite the difficulty in determining the exact figure, hundreds of thousands of individuals and institutions have been affected by this incident.
In documents submitted to the court by Assistant Prosecutor Daniel Gitner, it is stated that investors have suffered losses of over 40 billion dollars due to the depreciation of TerraUSD and Luna cryptocurrencies. According to prominent allegations in the file, it is claimed that Do Kwon provided misleading information to investors regarding the reliability of the system and manipulated the market.
Due to the large number of victims, the U.S. prosecution stated that it is not possible to reach each victim individually and requested that notifications be made in the form of a general announcement over the internet.
Last week, Do Kwon appeared before a judge in a New York court and denied the charges against him. The charges faced by the former CEO include commodity fraud, securities fraud, bank fraud, and money laundering. According to sources familiar with the matter, if Kwon is convicted of all charges, he could face up to 130 years in prison. The next hearing of the case will be held on January 8.
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