Do Kwon
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anchored·2yZxn4…qBT5Summary
Do Hyeong Kwon (born 1991) is a South Korean software engineer and former CEO of Terraform Labs, the company behind the Terra blockchain ecosystem, including the TerraUSD (UST) algorithmic stablecoin and the LUNA cryptocurrency. In May 2022, the Terra ecosystem collapsed, wiping out an estimated $40–45 billion in market capitalization within a week. Kwon was subsequently charged with fraud by U.S. federal prosecutors and the SEC, arrested in Montenegro in March 2023, extradited to the United States in December 2024, pleaded guilty in August 2025, and was sentenced to 15 years in federal prison in December 2025.
Connected Entities
9 entities · 60 linked investigations- Voyager Digital→mentioned with→Binance(70%)
- Voyager Digital→mentioned with→Celsius Network(75%)
- Do Kwon→mentioned with→luna(70%)
- luna→mentioned with→Do Kwon(85%)
- Terra 2.0→mentioned with→Celsius Network(75%)
- Terra 2.0→mentioned with→Binance(60%)
- Three Arrows Capital→mentioned with→Celsius Network(80%)
- Terra 2.0→mentioned with→Do Kwon(85%)
- Do Kwon→mentioned with→Celsius Network(75%)
- Do Kwon→mentioned with→Binance(65%)
- + 25 more
Connected Through
9 shared actors · 538 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Binanceorganization
- □Three Arrows Capitalorganization
- □Terraform Labsorganization
- □Celsius Networkorganization
Timeline(21 events)
9 May 2021
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.
SEC Charges Terraform and CEO Do Kwon - SEC.gov7 May 2022
Large UST sell orders totaling over $285 million executed on Binance and Curve, beginning the Terra ecosystem collapse.
Terra (blockchain) - Wikipedia8 May 2022
Luna Foundation Guard deploys $1.5 billion in reserves in an unsuccessful attempt to defend the UST peg.
Terra (blockchain) - Wikipedia9 May 2022
Approximately $5 billion UST (35% of Anchor Protocol deposits) withdrawn in a single day. UST falls to $0.35.
Terra (blockchain) - Wikipedia12 May 2022
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.
Crypto Fraudster Do Kwon Gets 15 Years - IBTimes13 May 2022
Do Kwon proposes a Terra blockchain restart (Terra 2.0) as LUNA becomes effectively worthless.
Do Kwon's Proposed Terra Revival - CoinDeskSeptember 2022
Interpol issues a Red Notice for Do Kwon at the request of South Korean authorities.
Six month manhunt for Terra co-founder Do Kwon ends with arrest - DL News16 February 2023
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.
SEC Charges Terraform and CEO Do Kwon - SEC.gov23 March 2023
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.
Do Kwon was nabbed in a private jet on tarmac in Montenegro - DL News25 March 2023
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.
United States v. Kwon - DOJ SDNY19 June 2023
Montenegrin court sentences Kwon to four months' imprisonment for use of forged travel documents.
Do Kwon pleads not guilty after he's arrested with 3 passports - FortuneNovember 2023
Montenegro High Court upholds Kwon's passport forgery conviction and approves extradition to the U.S. or South Korea.
Do Kwon's Appeal in Fake Passport Case Denied - CoinDesk5 April 2024
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.
Statement on Jury Verdict - SEC.gov12 June 2024
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.
Terraform and Kwon to Pay $4.5 Billion - SEC.govAugust 2024
Montenegro Court of Appeals rules Kwon should be extradited to South Korea rather than the United States.
Montenegro to Extradite Do Kwon to South Korea - CoinDesk27 December 2024
Montenegro Justice Minister Bojan Bozovic signs order approving Kwon's extradition to the United States.
Montenegro justice minister signs Do Kwon's extradition to US - The Block31 December 2024
Do Kwon extradited to the United States and transferred to FBI custody at Podgorica Airport.
Do Kwon Extradited to the United States - DOJ SDNY2 January 2025
Do Kwon appears in U.S. federal court and pleads not guilty to criminal fraud charges.
Former crypto executive Do Kwon pleads not guilty - CNBC12 August 2025
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.
Do Kwon Pleads Guilty To Fraud - DOJ SDNY11 December 2025
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.
Crypto mogul Do Kwon sentenced to 15 years in prison - CNNDecision Log
- slot 423161848 · hash 6KrVtsvNHfWYgh2EbDf98JM7LH5YpdwctUpPNDhQVmEi
- slot 419577235 · hash 2TWPsLTXmrQRW7Y1cAd2vLFQk2s5ZrZnDjfkvg92aqXH
- slot 419577232 · hash 6qG9M7jVPYmCgyDPP4PTP1FQwVayacjemngxq7cKCegp
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 24 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/8/2026, 2:30:40 AM
last updated: 5/8/2026, 2:30:40 AM
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