The United States estimates that there are more than 1 million victims in the Do Kwon case

In the most recent trial, Do Kwon denied all criminal charges and asserted his innocence.

The US prosecutor has estimated that the number of victims of the LUNA-UST scandal in 2022 could reach hundreds of thousands of individuals and organizations, even surpassing 1 million people.

"It is extremely difficult to quantify the exact number of Kwon's victims…" - US Attorney Daniel Gitner shared in a court filing.

Therefore, to protect the rights of victims, the US government will create a website to publicly disclose information about the legal proceedings in Do Kwon's case, as other traditional methods are considered unfeasible.

Do Kwon, co-founder of Terraform Labs, was arrested in Montenegro in March 2023 for using a fake passport. It was not until early 2025 that Mr. Kwon was extradited to the US to face criminal charges. Currently, Do Kwon is being prosecuted by the US federal government on nine criminal counts including securities fraud, wire fraud, commodities fraud and conspiracy to launder money. If convicted of all, Kwon could face up to 130 years in prison.

In his first appearance in a New York court on On January 2, Kwon denied all criminal charges related to the Terraform collapse and agreed to be held without bail.

In the face of a series of serious accusations, the founder of Terraform Labs remained calm in court, even chatting happily with his legal team. The upcoming court hearing on January 8 will be an important moment for the prosecution and Do Kwon's lawyers to defend him.

In another development, Terraform Labs agreed to pay a fine of $4.5 billion to settle a lawsuit filed by the US Securities and Exchange Commission (SEC). The SEC's indictment accused Do Kwon and Terraform Labs of masterminding a billion-dollar fraud and claiming that LUNA-UST was a security.