{"investigation":{"slug":"terra-20","entity_name":"Terra 2.0","trust_score":7,"severity_base":null,"score_modifier":-5,"confidence":0.92,"status":"published","content_type":"investigation","summary":"Terra 2.0 (LUNA) is a replacement blockchain launched in May 2022 by Terraform Labs following the catastrophic collapse of the original Terra network and its algorithmic stablecoin TerraUSD (UST), which erased approximately $40–60 billion in market value in one week. The project's founder, Do Kwon, was arrested in March 2023, found liable for securities fraud in a U.S. civil trial in April 2024, pleaded guilty to wire fraud and conspiracy in August 2025, and was sentenced to 15 years in federal prison in December 2025. Terraform Labs itself filed for Chapter 11 bankruptcy in January 2024 and received court approval to wind down operations by September 2024, leaving Terra 2.0 as a severely diminished chain with minimal developer activity and an approximately 79% year-over-year decline in token value.","sections":[{"content":"Terraform Labs was founded by Do Hyeong Kwon and Daniel Shin in 2018 in Singapore. The firm built the Terra blockchain, which hosted TerraUSD (UST), an algorithmic stablecoin designed to maintain a $1 peg through a mint-and-burn mechanism linked to the LUNA token. At its peak in early 2022, the Terra ecosystem reached approximately $60 billion in total market capitalization, making LUNA one of the top ten cryptocurrencies by market cap, with an all-time high price of $119.51. The Anchor Protocol, built on Terra, offered approximately 20% annual yield on UST deposits, attracting billions of dollars in retail and institutional capital. Beginning on May 7, 2022, a large UST sell-off in the Curve Finance liquidity pool caused UST to briefly depeg below $0.99. The algorithmic mechanism responded by minting large quantities of LUNA to absorb the sell pressure; however, the resulting LUNA inflation triggered a reflexive death spiral. LUNA's supply expanded from approximately 343 million tokens on May 9 to more than 6.5 trillion within one week — an increase exceeding 1.9 million percent — driving its price to effectively zero. UST fell from $1 to below $0.01. The Luna Foundation Guard (LFG) deployed approximately $480 million in Bitcoin reserves in an attempt to restore the UST peg, but the intervention failed. The collapse wiped out an estimated $40–60 billion in market value within seven days and triggered a wave of contagion across the broader crypto industry.","heading":"Background: Original Terra and the 2022 Collapse","sources":[{"url":"https://en.wikipedia.org/wiki/Terra_(blockchain)","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://corpgov.law.harvard.edu/2023/05/22/anatomy-of-a-run-the-terra-luna-crash/","name":"corpgov.law.harvard.edu","type":"other","credibility":3},{"url":"https://www.okx.com/en-us/learn/terra-collapse-ust-luna-stablecoin","name":"okx.com","type":"other","credibility":3},{"url":"https://coincodex.com/article/22749/what-happened-to-luna/","name":"coincodex.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Following the collapse, Do Kwon proposed a revival plan for the Terra ecosystem. On May 25, 2022, the Terra community approved Governance Proposal 1623, authorizing the creation of a new chain — Terra 2.0 — without any algorithmic stablecoin component. The new chain launched on May 28, 2022. A token distribution airdrop was structured as follows: 35% of new LUNA tokens went to pre-collapse holders and remaining LUNA Classic (LUNC) holders; specifically, 10% to pre-attack LUNA holders and 25% to remaining post-attack LUNC and UST holders, with 30% reserved for a community pool and 10% allocated to developers. The original Terra blockchain was renamed Terra Classic (LUNC). Terra 2.0 operates as a general-purpose Layer 1 blockchain based on the Cosmos SDK. It does not include an algorithmic stablecoin. Critics widely characterized the relaunch as an attempt by Do Kwon and Terraform Labs to continue operating and generating revenue despite having presided over one of the largest retail-investor losses in crypto history. Many investors who had lost funds in the original collapse rejected the airdrop as insufficient restitution. The cryptonews.net characterized Terra 2.0 as 'a crypto project built on the ruins of $40 billion in investors' money.'","heading":"Terra 2.0 Relaunch","sources":[{"url":"https://www.fastcompany.com/90756342/terra-luna-relaunch-crypto-blockchain-explained","name":"fastcompany.com","type":"other","credibility":3},{"url":"https://capital.com/en-int/analysis/terra-luna-2-0","name":"capital.com","type":"other","credibility":3},{"url":"https://cryptonews.net/news/altcoins/7610723/","name":"cryptonews.net","type":"other","credibility":3},{"url":"https://stakely.io/blog/terra-2-what-you-need-to-know-about-the-terra-revival-plan","name":"stakely.io","type":"other","credibility":3}],"severity":"medium"},{"content":"On February 16, 2023, the U.S. Securities and Exchange Commission filed a complaint against Terraform Labs PTE Ltd. and Do Hyeong Kwon in the Southern District of New York (No. 23-cv-1346-JSR), alleging a multi-billion dollar crypto asset securities fraud. The SEC alleged that from April 2018 until the collapse in May 2022, Terraform and Kwon raised billions of dollars by offering and selling an interconnected suite of crypto asset securities, including LUNA, UST, wLUNA, and MIR tokens, while repeatedly misleading investors. Specific allegations included misrepresenting that a popular Korean mobile payment application (Chai) was using the Terra blockchain to process transactions — when in fact it was using a traditional payment processor — and misrepresenting the stability and safety of UST. The SEC further alleged that when UST previously experienced a smaller depeg event in May 2021, Terraform and Kwon secretly arranged with a U.S. trading firm to purchase large quantities of UST to restore the peg, while publicly claiming the peg had been restored by natural market forces. After a nine-day civil trial in April 2024, a jury unanimously found Terraform Labs and Do Kwon liable for securities fraud after less than two hours of deliberation. On June 12, 2024, the court ordered Terraform Labs and Kwon to pay more than $4.5 billion, comprising $3,586,875,883 in disgorgement, $466,952,423 in prejudgment interest, and a $420,000,000 civil penalty.","heading":"SEC Fraud Charges and Civil Verdict","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2023-32","name":"sec.gov","type":"other","credibility":3},{"url":"https://www.sec.gov/newsroom/press-releases/2024-73","name":"sec.gov","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2024-04-05/do-kwon-and-terraform-labs-found-liable-for-fraud-in-sec-trial","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://www.cnbc.com/2023/02/16/sec-charges-do-kwon-with-fraud-in-connection-with-terra-collapse.html","name":"cnbc.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In September 2022, Interpol issued a Red Notice for Do Kwon after South Korean authorities issued an arrest warrant and revoked his passport. Kwon had reportedly fled South Korea prior to the arrest warrant. On March 23, 2023, Kwon was arrested at Podgorica Airport in Montenegro, along with a business associate, while attempting to board a flight to Dubai using falsified Costa Rican travel documents. He was sentenced in Montenegro to four months in prison for passport forgery. Following a protracted extradition dispute between the United States and South Korea — during which Montenegrin courts issued conflicting rulings — Montenegro's Minister of Justice signed an extradition order to the United States on December 27, 2024. Kwon arrived in U.S. custody on December 31, 2024, and made his initial appearance in Manhattan federal court. The U.S. Department of Justice charged Kwon with eight counts including securities fraud, commodities fraud, and wire fraud, alleging the fraudulent scheme resulted in approximately $40 billion in losses. On August 12, 2025, Kwon pleaded guilty to one count of conspiracy to commit commodities fraud, securities fraud, and wire fraud, and one count of wire fraud. As part of the plea agreement, he agreed to forfeit $19 million. On December 12, 2025, U.S. District Judge Paul Engelmayer sentenced Kwon to 15 years in federal prison — three years more than prosecutors requested and ten years more than the defense sought. Prosecutors characterized the losses as exceeding those of FTX, Celsius, and OneCoin combined. Kwon is scheduled to serve the latter half of his sentence in South Korea, where he also faces separate charges that carry a potential 40-year prison sentence.","heading":"Criminal Arrest, Extradition, and Sentencing","sources":[{"url":"https://www.justice.gov/usao-sdny/pr/do-kwon-pleads-guilty-fraud","name":"justice.gov","type":"other","credibility":3},{"url":"https://www.justice.gov/usao-sdny/pr/do-kwon-extradited-united-states-montenegro-face-charges-relating-fraud-resulting-40","name":"justice.gov","type":"other","credibility":3},{"url":"https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud","name":"justice.gov","type":"other","credibility":3},{"url":"https://thedefiant.io/news/people/terra-founder-do-kwon-sentenced-to-15-years-in-prison","name":"thedefiant.io","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2025/08/12/terraform-s-do-kwon-pleads-guilty-to-conspiracy-wire-fraud-in-ust-blow-up","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.cnbc.com/2025/08/12/do-kwon-pleads-guilty-to-us-fraud-charges-in-40-billion-crypto-collapse.html","name":"cnbc.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On January 21, 2024, Terraform Labs PTE Ltd. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-10070), listing estimated assets and liabilities each in the $100 million to $500 million range with between 100 and 199 creditors. In June 2024, concurrent with the civil SEC judgment, Terraform agreed to a $4.7 billion settlement in the SDNY civil case. On September 19, 2024, U.S. Bankruptcy Judge Brendan Shannon approved Terraform's plan to exit Chapter 11 and wind down operations, establishing a Wind Down Trust and a dedicated process for Crypto Loss Claims. Estimated creditor distributions ranged from approximately $184.5 million to $442.2 million. The SEC's claim was structured to be paid after harmed investors and other general unsecured creditors were made whole. As of the date of this investigation, the SEC has set an August 20, 2026 deadline for submission of a final distribution plan to distribute over $123 million in disgorgement and fines to eligible investors.","heading":"Terraform Labs Bankruptcy and Wind-Down","sources":[{"url":"https://techcrunch.com/2024/01/21/terraform-labs-files-for-chapter-11-bankruptcy/","name":"techcrunch.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/317414/terraform-labs-gets-sign-off-from-us-bankruptcy-judge-to-begin-winding-down-reuters","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.sec.gov/enforcement-litigation/distributions-harmed-investors/sec-v-terraform-labs-pte-ltd-do-hyeong-kwon-no-23-cv-1346-jsr-sdny","name":"sec.gov","type":"other","credibility":3}],"severity":"medium"},{"content":"The May 2022 Terra collapse triggered a cascading liquidity crisis throughout the crypto industry. Three Arrows Capital (3AC), a Singapore-based hedge fund with significant exposure to LUNA and UST, failed to meet margin calls by June 15, 2022, was liquidated by creditors including BlockFi, and subsequently filed for Chapter 15 bankruptcy. Celsius Network, a crypto lending platform, froze withdrawals, swaps, and transfers on June 12, 2022, following a bank-run-style surge in user withdrawal requests attributable in part to Terra-related losses, and later filed for bankruptcy. Voyager Digital also filed for bankruptcy citing exposure to 3AC. A Nansen research report identified the Terra collapse as a direct contributor to the stETH depeg event that further destabilized Celsius and 3AC. Harvard Law School's analysis of the crash estimated $50 billion in direct losses from the Terra collapse itself, with hundreds of billions more erased from the broader crypto market through contagion effects.","heading":"Broader Market Contagion","sources":[{"url":"https://corpgov.law.harvard.edu/2023/05/22/anatomy-of-a-run-the-terra-luna-crash/","name":"corpgov.law.harvard.edu","type":"other","credibility":3},{"url":"https://www.theblock.co/post/230590/terra-death-spiral-turns-one-searching-for-silver-linings-among-the-wreckage","name":"theblock.co","type":"other","credibility":3},{"url":"https://f1coins.com/news/nansen-report-reveals-terra-caused-the-steth-depeg-and-crippled-celsius-3ac","name":"f1coins.com","type":"other","credibility":3}],"severity":"medium"},{"content":"In the days surrounding the Terra 2.0 airdrop launch on May 28, 2022, multiple fraudulent token schemes emerged exploiting the Terra 2.0 brand. Scammers created a counterfeit 'Wrapped LUNA 2.0' token on Ethereum and distributed it to high-profile crypto addresses belonging to public figures including Justin Sun, Vitalik Buterin, Andreessen Horowitz, and Three Arrows Capital, in an attempt to lend legitimacy to the counterfeit token and prompt secondary market trading. Separately, phishing operations attempted to lure original UST and LUNA holders into sending their existing assets to fraudulent addresses on the pretext of receiving new LUNA 2.0 tokens. Multiple crypto media outlets published scam warnings in the 24 hours preceding the official airdrop. These secondary scams do not alter the characteristics of Terra 2.0 itself but reflect the opportunistic fraud environment created by the high-profile collapse and relaunch.","heading":"Scams Surrounding the Terra 2.0 Launch","sources":[{"url":"https://cryptopotato.com/scam-luna-2-0-tokens-are-already-running-wild/","name":"cryptopotato.com","type":"other","credibility":3},{"url":"https://cryptoslate.com/scammers-looking-to-take-advantage-of-luna-2-0-airdrop/","name":"cryptoslate.com","type":"other","credibility":3},{"url":"https://www.fxstreet.com/amp/cryptocurrencies/news/scam-alert-how-to-avoid-trouble-on-terras-luna-20-airdrop-202205271122","name":"fxstreet.com","type":"other","credibility":3},{"url":"https://www.businesstoday.in/crypto/story/luna20-scam-scammers-fake-luna20-airdrop-on-day-of-launch-335317-2022-05-27","name":"businesstoday.in","type":"other","credibility":3}],"severity":"medium"},{"content":"As of late 2025, Terra 2.0 (LUNA) trades at approximately $0.09 per token with a market capitalization of approximately $61.79 million — down approximately 71.58% year-over-year and representing a decline of more than 99% from the original LUNA's all-time high of $119.51. Developer activity on the Terra 2.0 chain has moderated significantly since 2023, with fewer new decentralized applications launching than initially projected. The project continues to be listed on major exchanges including Binance, OKX, and KuCoin, but trading volumes and liquidity remain subdued. According to available analytics, approximately 78% of LUNA 2.0 investors are in a loss position. In 2026, the Terra community introduced an 'Independence Era' governance roadmap incorporating Cosmos SDK v0.53 and Market Module 2.0, aimed at transitioning to fully community-led governance. With Terraform Labs having completed its wind-down, it is unclear what entity, if any, bears primary responsibility for continued development of the chain. The association with Do Kwon's fraud conviction and the original Terra collapse continues to weigh heavily on investor sentiment and institutional confidence.","heading":"Current Status and Market Performance","sources":[{"url":"https://capital.com/en-int/analysis/terra-luna-2-0","name":"capital.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/cmc-ai/terra-luna-v2/latest-updates/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/cmc-ai/terra-luna-v2/what-is/","name":"coinmarketcap.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2018","event":"Terraform Labs founded by Do Hyeong Kwon and Daniel Shin in Singapore.","source":"","date_original":"2018-01-01"},{"date":"2022-05-07","event":"TerraUSD (UST) begins to depeg from $1.00 following a large sell-off in the Curve Finance liquidity pool.","source":""},{"date":"2022-05-09","event":"UST loses its dollar peg decisively. Luna Foundation Guard begins deploying Bitcoin reserves to defend the peg.","source":""},{"date":"2022-05-12","event":"LUNA supply hyperinflates from ~343 million to over 6.5 trillion tokens. Both UST and LUNA collapse to near zero. Terra blockchain is halted.","source":""},{"date":"2022-05-16","event":"Terra blockchain resumes but UST and LUNA remain effectively worthless. Estimated $40-60 billion in market value destroyed.","source":""},{"date":"2022-05-25","event":"Terra community approves Governance Proposal 1623, authorizing a new chain — Terra 2.0 — without an algorithmic stablecoin.","source":""},{"date":"2022-05-28","event":"Terra 2.0 blockchain launches. New LUNA tokens airdropped to pre-collapse and post-collapse holders. Original chain renamed Terra Classic (LUNC).","source":""},{"date":"2022-06-15","event":"Three Arrows Capital fails to meet margin calls, triggering a cascading series of crypto firm bankruptcies attributed in part to Terra contagion.","source":""},{"date":"2022-09","event":"Interpol issues Red Notice for Do Kwon after South Korean authorities issue an arrest warrant and revoke his passport.","source":"","date_original":"2022-09-01"},{"date":"2023-02-16","event":"SEC files civil fraud complaint against Terraform Labs and Do Kwon in the Southern District of New York.","source":""},{"date":"2023-03-23","event":"Do Kwon arrested at Podgorica Airport, Montenegro, while attempting to board a flight to Dubai with falsified Costa Rican documents.","source":""},{"date":"2024-01-21","event":"Terraform Labs files for Chapter 11 bankruptcy in Delaware, listing assets and liabilities each in the $100M-$500M range.","source":""},{"date":"2024-04-05","event":"Jury unanimously finds Terraform Labs and Do Kwon liable for securities fraud in the SEC's civil trial in SDNY, after less than two hours of deliberation.","source":""},{"date":"2024-06-12","event":"Court orders Terraform Labs and Do Kwon to pay more than $4.5 billion — $3.59B in disgorgement, $467M in prejudgment interest, and $420M in civil penalties.","source":""},{"date":"2024-09-19","event":"U.S. Bankruptcy Court approves Terraform Labs' Chapter 11 wind-down plan, establishing a Wind Down Trust and Crypto Loss Claims process.","source":""},{"date":"2024-12-27","event":"Montenegro's Minister of Justice signs extradition order sending Do Kwon to the United States.","source":""},{"date":"2024-12-31","event":"Do Kwon arrives in U.S. custody and makes initial appearance in Manhattan federal court.","source":""},{"date":"2025-08-12","event":"Do Kwon pleads guilty in Manhattan federal court to conspiracy to commit fraud and wire fraud in connection with the $40 billion Terra 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