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Terra/Luna

avoid.net/terra-luna→2/100·96% conf.
[VERIFIED]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·5Qz7o6…WKZ9

Summary

Terra was a blockchain protocol developed by Terraform Labs that operated an algorithmic stablecoin (TerraUSD/UST) pegged to the US dollar via a mint-and-burn mechanism with its native token LUNA. In May 2022, UST lost its dollar peg and entered a catastrophic death spiral that wiped out approximately $40-45 billion in market capitalization within days, triggering cascading bankruptcies across the crypto industry. Founder Do Kwon was subsequently charged with fraud by the SEC and DOJ, found liable at trial, and sentenced to 15 years in federal prison in December 2025 — with Terraform Labs agreeing to a $4.47 billion SEC settlement, the largest in SEC crypto enforcement history at the time.

Connected Entities

18 entities · 60 linked investigations
Individuals
○Do Kwon○Han Chang-joon○Daniel Shin
Organizations
□Terraform Labs0□Jump Trading□Terra 2.07□Celsius Network0□Three Arrows Capital2□Tether52□Chai Corporation□Terra/Luna□luna5□Luna Foundation Guard□Voyager Digital0□Do Kwon2□Terraform Labs
Protocols
⌂Anchor Protocol4
Tokens
♦Bitcoin62
Relationships
  • Do Kwon→member of→luna(95%)
  • Han Chang-joon→member of→luna(85%)
  • Terraform Labs→controls→Luna Foundation Guard(90%)
  • Terraform Labs→associated with→luna(95%)
  • Luna Foundation Guard→subsidiary of→luna(90%)
  • Do Kwon→controls→Terraform Labs(95%)
  • Jump Trading→associated with→luna(80%)
  • Luna Foundation Guard→sent funds to→Jump Trading(85%)
  • Do Kwon→member of→Terra/Luna(95%)
  • Daniel Shin→member of→Terra/Luna(90%)
  • + 59 more
Also appears in
Anchor Protocol·4Wormhole·62Celsius Network·0Terraform Labs·0Bitcoin·62Celsius Network·0Lendf.me·30Jump Trading·42H-Pay Service PLC (Huione Successor Entity)·2Shibarium·28+ 50 more

Connected Through

16 shared actors · 613 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Terra/Luna?

Timeline(30 events)

2018

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

2019

Terra blockchain launches with the LUNA token.

September 2020

Anchor Protocol launches, offering approximately 19.5% APY on UST deposits.

May 2021

UST briefly loses its peg; Do Kwon allegedly arranges secret HFT firm purchases to artificially restore the peg rather than letting the algorithm work, then publicly misrepresents the recovery as algorithmic.

July 2021

Terraform Labs injects $70 million into Anchor's yield reserve to prevent depletion.

20 January 2022

Luna Foundation Guard established; begins accumulating Bitcoin reserves as a UST peg backstop.

18 February 2022

Terraform Labs injects $470 million into Anchor's yield reserve — a second emergency bailout indicating structural insolvency of the yield model.

April 2022

LUNA reaches an all-time high of approximately $119.51. UST market cap approximately $18 billion. Anchor TVL peaks at $17.15 billion.

5 May 2022

LUNA trading at approximately $87; UST at $1.

7 May 2022

Two large wallet addresses withdraw approximately 375 million UST from Anchor; large UST sales on Curve begin pushing UST below $1.

9 May 2022

UST loses dollar peg for second time in 48 hours. LFG announces $1.5 billion BTC/UST deployment to defend peg. Do Kwon tweets 'Deploying more capital — steady lads.'

10 May 2022

LFG deploys final Bitcoin reserves — approximately 33,206 BTC exchanged for ~1.16 billion UST. Peg defense fails.

13 May 2022

LUNA supply exceeds 6.5 trillion tokens. LUNA price falls below $0.00005. UST trades at approximately $0.10-$0.20. Terra blockchain halted. Combined market cap loss approximately $40-45 billion.

16 May 2022

LFG discloses remaining reserves of 313 BTC from original 80,394 BTC.

25 May 2022

Terra community approves Terra Ecosystem Revival Plan 2 (Terra 2.0 fork) with 65% validator approval.

28 May 2022

Terra 2.0 blockchain launches with new LUNA token airdrop. Original chain rebranded Terra Classic (LUNC).

27 June 2022

Three Arrows Capital defaults on loan payments to Celsius and Voyager, triggering cascading bankruptcies.

July 2022

Celsius Network and Voyager Digital both file for Chapter 11 bankruptcy.

14 September 2022

South Korean prosecutors issue arrest warrant for Do Kwon.

12 December 2022

CoinDesk reports Do Kwon is believed to be in Serbia.

16 February 2023

SEC files fraud charges against Terraform Labs and Do Kwon in the Southern District of New York.

23 March 2023

Do Kwon and CFO Han Chang-joon arrested at Podgorica Airport, Montenegro, in possession of fake Costa Rican passports.

26 April 2023

South Korean prosecutors indict Daniel Shin on fraud-related charges.

21 January 2024

Terraform Labs files for Chapter 11 bankruptcy in Delaware.

5 April 2024

New York jury unanimously finds Terraform Labs and Do Kwon liable for securities fraud across all counts after less than two hours of deliberation.

12 June 2024

Terraform Labs and Do Kwon agree to $4.47 billion SEC settlement — largest SEC crypto enforcement settlement at the time.

19 September 2024

US bankruptcy court approves Terraform Labs wind-down plan.

27 December 2024

Montenegro Justice Minister approves Do Kwon's extradition to the United States.

12 August 2025

Do Kwon pleads guilty to two federal fraud charges; agrees to forfeit $19 million.

11 December 2025

Judge Paul A. Engelmayer sentences Do Kwon to 15 years in federal prison, calling the scheme 'a fraud on an epic, generational scale.'

Provenance & Audit Trail
Anchored on SolanaVerify on-chain

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (3 events).

full audit log →version history →

model: claude-code-investigator

generated: 5/7/2026, 8:45:16 AM

last updated: 5/30/2026, 1:03:53 PM

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