Do Kwon

2018-01-01

Do Kwon and Daniel Shin co-found Terraform Labs Pte. Ltd. in Singapore.

2021-05-09

UST loses its $1 peg for the first time, briefly falling to approximately $0.30. Do Kwon allegedly arranges for Jump Crypto to secretly purchase UST to restore the peg, then publicly attributes recovery to the protocol's algorithmic mechanisms.

2022-05-07

Large UST sell orders totaling over $285 million executed on Binance and Curve, beginning the Terra ecosystem collapse.

2022-05-08

Luna Foundation Guard deploys $1.5 billion in reserves in an unsuccessful attempt to defend the UST peg.

2022-05-09

Approximately $5 billion UST (35% of Anchor Protocol deposits) withdrawn in a single day. UST falls to $0.35.

2022-05-12

LUNA plunges 96% to below $0.10. Multiple exchanges halt LUNA trading. UST stabilizes near $0.02. Approximately $40-45 billion in combined market capitalization destroyed.

2022-05-13

Do Kwon proposes a Terra blockchain restart (Terra 2.0) as LUNA becomes effectively worthless.

2022-09-01

Interpol issues a Red Notice for Do Kwon at the request of South Korean authorities.

2023-02-16

SEC files civil complaint against Terraform Labs and Do Kwon in the Southern District of New York, alleging multi-year securities fraud and unregistered securities offerings.

2023-03-23

Do Kwon and CFO Han Chang-joon arrested at Podgorica Airport, Montenegro, while attempting to board a private jet to Dubai using falsified Costa Rican and Belgian passports.

2023-03-25

U.S. Department of Justice files criminal indictment (23 Cr. 151) charging Kwon with eight counts including securities fraud, wire fraud, commodities fraud, and related conspiracy charges. U.S. submits formal extradition request.

2023-06-19

Montenegrin court sentences Kwon to four months' imprisonment for use of forged travel documents.

2023-11-01

Montenegro High Court upholds Kwon's passport forgery conviction and approves extradition to the U.S. or South Korea.

2024-04-05

Jury in SDNY finds Terraform Labs and Do Kwon liable for civil fraud on all counts after less than two hours of deliberation, in a nine-day trial conducted in Kwon's absence.

2024-06-12

Judge Jed Rakoff approves final consent judgment ordering Terraform Labs and Do Kwon to pay over $4.47 billion in combined civil penalties, disgorgement, and prejudgment interest.

2024-08-01

Montenegro Court of Appeals rules Kwon should be extradited to South Korea rather than the United States.

2024-12-27

Montenegro Justice Minister Bojan Bozovic signs order approving Kwon's extradition to the United States.

2024-12-31

Do Kwon extradited to the United States and transferred to FBI custody at Podgorica Airport.

2025-01-02

Do Kwon appears in U.S. federal court and pleads not guilty to criminal fraud charges.

2025-08-12

Do Kwon pleads guilty to two fraud counts: (1) conspiracy to commit commodities fraud, securities fraud, and wire fraud; and (2) wire fraud. Agrees to forfeit over $19 million.

2025-12-11

Judge Paul Engelmayer sentences Do Kwon to 15 years in federal prison, calling the fraud 'an epic, generational scale' crime affecting an estimated one million victims.