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Do Kwon

In this Korean name, the family name is Kwon.
Do Kwon
Kwon in 2022
Born
Kwon Do-hyung

(1991-09-06) 6 September 1991 (age 33)
Seoul, South Korea
Education
Occupations
  • Businessman
  • software engineer
Years active2015–2023
TitleCo-founder and CEO of Terra[1]
Children1
Criminal information
OrganizationTerra (blockchain)
Criminal charge
Date apprehended
23 March 2023; 22 months ago (2023-03-23)
Korean name
Hangul
권도형
Hanja
權渡衡
Revised RomanizationGwon Dohyeong
McCune–ReischauerKwŏn Tohyŏng

Kwon Do-Hyung[2] (Korean: 권도형; born 6 September 1991), commonly known as Do Kwon, is a South Korean former businessman and software engineer. He was the co-founder and CEO of Terraform Labs, the parent company of crashed stablecoin TerraUSD and cryptocurrency Luna.[3] TerraUSD and Luna collapsed in May 2022, wiping out almost $45 billion market capitalization in one week and causing hundreds of billions in losses in the larger crypto market.[4][3][5]

Kwon faces legal and social pressure regarding his role in the Terra crash.[6][7] Citizens from various jurisdictions – including South Korea, Singapore, and the United States – are taking legal action against Kwon.[4][8][9][10] On 23 March 2023, Kwon was arrested in Montenegro, while attempting to travel to Dubai using falsified documents. Following his arrest, he was charged by a US federal grand jury of eight counts, including securities fraud, commodities fraud, wire fraud and conspiracy. In December 2024, after multiple court cases, Do Kwon was ordered to be extradited to the United States.

Early life and education

Do Kwon was born in Seoul, South Korea, on 6 September 1991.[11][12] He attended Daewon Foreign Language High School in Seoul and received Bachelor of Computer Science from Stanford University in 2015.[12][13]

Career

After graduating in 2015, he worked briefly as a software engineer for both Microsoft and Apple.[13]

In January 2016, Kwon returned to South Korea to develop and found his startup, Anyfi.[14] It was later discovered that the same company at which he served as CEO had received approximately $600,000 worth of government funding during its initial stages despite a conflict of interest as the funding was approved through a Korean incubator company run by one of the co-founder's parents. Furthermore, internal investigations from the Korean Ministry of SMEs and Startups revealed that the company had received failing grades on initial evaluation reports and that five counts of inappropriate use of funding on personnel expenses was found, although the amount has reported to have been retrieved by the Ministry.[15][16][17][18]

Terraform Labs

Do Kwon co-founded Terraform Labs Pte. Ltd. in January 2018 with entrepreneur Daniel Shin.[19][20] Later in 2018, Terraform Labs released a cryptocurrency called Luna.[3] Terraform began selling its stablecoin, TerraUSD (UST), in 2020.[3][4] The Terra blockchain, which includes both UST and Luna, had stable mining incentives that were purported to create an elastic monetary policy alongside an efficient fiscal policy to counteract potential low adoption and limited use cases.[3] The UST stablecoin used an algorithm linked to the Luna supply to maintain a value of around $1, unlike other coins that are pegged to cash.[3] The value of Luna eventually reached over $116 in April 2022.[3]

During his time at Terraform Labs, Kwon also worked on various blockchain projects, including Mirror, Prism, Astroport, and Anchor.[21] The Mirror token, known as MIR, runs on a decentralized finance platform related to Terra.[22][23] MIR allows people to disregard current restrictions on stocks and other assets by making it easier to create and trade synthetic versions.[22][23]

Following the crash of sister currencies Luna and TerraUSD in May 2022, Terraform Labs began trading a new cryptocurrency termed Luna 2.0 in June 2022.[3] However, the release of Luna 2.0, now called LUNA on trading platforms, drew pushback from investors and critics.[3] As a result of the crash, TerraUSD and Luna are now referred to as TerraClassicUSD and LUNC, respectively.[3]

Regulatory issues

The U.S. Securities and Exchange Commission (SEC) began an investigation of Terraform Labs in June 2022 to determine if the marketing of the TerraUSD stablecoin violated federal regulations on securities and investment products.[24][25] Following the crash in May 2022, the SEC investigation seeks to determine whether TerraUSD and its underlying algorithms worked as marketed, or if it violated federal investor protection regulations.[24][25] Despite Terraform Labs being based in Singapore, TerraUSD falls under SEC's regulations as Americans bought the token to fund businesses or seek profit.[24] In February 2023, the SEC charged Kwon and Terraform Labs with fraud.[26]

On 17 May 2022, members of the Korean parliament and government authorities called for a potential parliamentary hearing regarding Terraform Labs and its founder Kwon, citing the lack of regulatory framework as the main reason for the impeded investigation on the events that took place.[27][28][29]

On 18 May 2022, following investigations led by the National Tax Service of Korea, Terraform Labs founders Kwon and Daniel Shin were asked to pay additional taxes worth approximately $100 million in December 2021.[30] However, the two founders refused to pay on the grounds that the subsidiaries Terraform Labs Pte. Ltd. (Singapore) and Terraform Labs Virgin Islands are not Korean entities.[30] Regardless, the National Tax Service has claimed that since "the founders had made practical management decisions" during their time as official residents in Korea, the transfer of funds between the subsidiaries and their profits made by each entity need to obey Korean jurisdiction.[30][31][32]

Before the SEC investigation regarding TerraUSD, the U.S. Securities and Exchange Commission issued a subpoena to Terraform Labs and Kwon in 2021, specifically regarding Terraform Labs' "Mirror Protocol" that designed and offered financial derivatives that virtually "mirrored" listed stocks.[33] Kwon responded by stating that he wouldn't comply with the demands and instead would be suing the SEC.[23] According to documents filed by Kwon at the Supreme Court of Korea's Registry Office, Kwon filed to dissolve the company's Korean entity on 30 April 2022 which was approved on 4 May 2022.[34][35][36][37][38][39]

Collapse of Terra blockchain

Beginning on 9 May 2022, Terraform Labs made headlines after UST started to break its peg to the US dollar.[40] Over the next week, the price of UST plunged to 10 cents, while Luna fell from an all-time high of $119.51 to "virtually zero."[41] The collapse wiped out almost $45 billion of market capitalization in one week.[5]

The **Terra blockchain** began to collapse on **May 7, 2022**, when several prominent investors reportedly sold over $285 million worth of UST on Binance.[42] On **May 8, 2022**, the value of UST hit a low of $0.985. In response, the **Luna Foundation Guard (LFG)**, which was established to serve as a reserve for Luna, loaned a total of $1.5 billion in an effort to defend the peg and mitigate the volatility of UST.[43]

Do Kwon, co-founder...


The crash contributed to hundreds of billions of dollars lost across the crypto ecosystem.[4]


    1. Binance's Role in the TerraUSD (UST) Collapse

Binance played a significant role in Terraform Labs, initially investing **$3 million** and providing an additional **$1 million in BNB tokens**. Later reports indicate Binance’s involvement extended to a **$300 million investment**, further cementing its pivotal relationship with the Terra ecosystem ([NBER Report](https://www.nber.org/system/files/working_papers/w31160/w31160.pdf)). Binance heavily promoted TerraUSD (UST) as a "safe and fiat-backed" stablecoin, which led to widespread adoption by investors seeking stability and high returns.

However, the UST collapse in May 2022 revealed significant structural vulnerabilities. On May 7, 2022, **two large investors withdrew 375 million UST from Anchor Protocol**, triggering a wave of additional withdrawals and destabilizing the stablecoin’s $1 peg. This event led to **large-scale transfers of UST and LUNA to Binance**, amplifying liquidity imbalances. Blockchain analysis showed over **$4.65 billion worth of UST was swapped for LUNA during the crisis**, causing a death spiral that ultimately wiped out $50 billion in valuation ([NBER Report](https://www.nber.org/system/files/working_papers/w31160/w31160.pdf)).

As the crisis unfolded, Binance suspended UST and LUNA withdrawals, citing excessive transaction volumes, which limited investors' ability to exit their positions during critical moments ([Nasdaq](https://www.nasdaq.com/articles/binance-suspended-luna-and-ust-withdrawals.-whats-going-on)). Despite efforts to stabilize the peg, including interventions by Terraform Labs and the Luna Foundation Guard, the collapse became inevitable due to insufficient reserves and widespread market panic.

Following the crash, the **SEC filed a complaint in June 2023**, alleging Binance’s promotion of UST constituted the sale of unregistered securities. The platform's enforcement of arbitration clauses further constrained investors' ability to seek legal recourse ([SEC Complaint](https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf)).

These events underscore Binance’s central role in the Terra ecosystem and highlight the risks associated with insufficiently backed algorithmic stablecoins. The incident has spurred calls for greater regulatory oversight of cryptocurrency platforms and their due diligence practices to protect retail investors from high-risk financial products marketed as “safe.”

      1. References:

1. [SEC Complaint Against Binance](https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf) 2. [NBER Report on TerraUSD Collapse](https://www.nber.org/system/files/working_papers/w31160/w31160.pdf) 3. [Nasdaq Report on Binance Suspensions](https://www.nasdaq.com/articles/binance-suspended-luna-and-ust-withdrawals.-whats-going-on)

SEC Settlement with Jump Trading

In October 2024, the U.S. Securities and Exchange Commission (SEC) announced a $123 million settlement with Jump Trading, a key partner in the Terra ecosystem. The SEC alleged that Jump Trading manipulated the market to maintain TerraUSD's (UST) peg to the U.S. dollar, creating the illusion of stability. The funds recovered from this settlement are intended to compensate victims of the UST collapse through a process to be announced.

This settlement highlights the role of external entities in supporting and enabling the Terra ecosystem during its rise and subsequent collapse. Exchanges such as Binance, which actively promoted UST as "safe and fiat-backed" while holding a significant portion of the UST supply, are also under scrutiny. Legal experts have drawn parallels to the Madoff case, where banks and intermediaries were held accountable for facilitating fraudulent schemes. This comparison suggests that exchanges like Binance may face future regulatory actions or lawsuits for their involvement in the Terra collapse. [44]


Class Actions and Forced Arbitration

Binance and Coinbase have faced criticism for using arbitration clauses to block class-action lawsuits from users affected by the TerraUSD (UST) collapse. In June 2022, a class-action lawsuit was filed against Binance.US, alleging that the exchange misled investors by promoting UST as a "safe" and "fiat-backed" stablecoin, despite its eventual collapse causing significant investor losses.[45][46]

Similarly, Coinbase has been scrutinized for requiring users to settle disputes through private arbitration, limiting their ability to seek collective legal recourse.[47]

Legal experts have drawn parallels between these practices and the Madoff case, where banks were held accountable for facilitating fraudulent schemes. The involvement of Binance and Coinbase as investors and promoters of TerraUSD raises questions about their potential liability. Critics argue that their roles in promoting UST and benefiting financially from its use make their actions comparable, if not worse, than those of financial institutions involved in past fraud cases.

These developments suggest that regulatory bodies may increasingly scrutinize the role of cryptocurrency exchanges in promoting and facilitating investments in digital assets, particularly when those assets fail and cause substantial investor losses.

With approximately 200,000 South Korean Luna investors harmed by the crash,[48] groups of Korean investors announced that they would be filing a class-action lawsuit against Terraform Labs.[49] The South Korean government also announced that it would pursue Kwon on criminal charges.[49] As of 17 May, more than 1,600 investors have signed up for the lawsuit with domestic law firms LKB & Partners LLC and Kisung LLC.[38][9][10][50][51][39]

In the United States, a class action, Patterson v. TerraForm Labs Pte Ltd. et al., was filed against Kwon and others in the United States District Court for the Northern District of California on 17 June 2022.[52][53] Briefs are being presented to the United States District Court for the Northern District of California under the counsel of Scott + Scott Attorneys at Law LLP, The Rosen Law Firm PA, Kahn Swick Foti LLP, and Bragar Eagel & Squire P.C., accusing Do Kwon and Terraform Labs of soliciting unregistered securities while misleading investors about their viability.[8]

In September 2022, a US$56.9 million class action was filed at the High Court of Singapore against Kwon, Terraform Labs, Nikolaos Alexandros Platias and the Luna Foundation Guard.[54]

In February 2023, US financial regulators charged Do Kwon and TerraForm Labs with "orchestrating a multi-billion dollar crypto asset securities fraud".[55]

On 5 April 2024, a jury in the United States District Court for the Southern District of New York found Do Kwon and Terraform Labs PTE Ltd. liable for defrauding investors in crypto asset securities.[56][57] The SEC had argued that Kwon secretly sought third-party financing after TerraUSD slipped from its stablecoin peg and then falsely stated in May 2021 that the recovery was because of algorithmic stability. The SEC also said that Kwon and Terraform had falsely claimed that its blockchain was used for business transactions on South Korea's Chai app.[56]

In December 2022, a group of 15 French investors filed a legal complaint against Binance France and its parent company, Binance Holdings Ltd. The complaint alleged that Binance engaged in misleading advertising by promoting TerraUSD (UST) as a "safe" and "fiat-backed" stablecoin, which later collapsed and caused significant financial losses for investors.

The investors accused Binance of violating French financial regulations by operating without proper registration as a digital asset service provider (DASP) under the Autorité des Marchés Financiers (AMF) prior to May 2022. The complaint also claimed that Binance failed to conduct adequate due diligence on TerraUSD and other listed tokens, contributing to investor losses.

This legal action in France is part of a growing global scrutiny of Binance's role in the TerraUSD collapse, alongside other regulatory challenges the exchange faces in the United States and other jurisdictions.[58]

SEC Charges Against Binance

In June 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance Holdings Ltd., its U.S.-based affiliate BAM Trading Services Inc. (doing business as Binance.US), and their founder, Changpeng Zhao. The charges included operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities.[59]

Arrest

On 21 June 2022, YTN reported that prosecutors were looking to invalidate Kwon's South Korean passport.[60] On 14 September 2022, a South Korean court issued an arrest warrant for Kwon and five others on allegations of violations of Korean capital markets law.[61][62][63] The prosecutor's office said all six individuals were located in Singapore.[61] On 19 September 2022, the Seoul Southern District Prosecutors' Office said they had begun the procedure to place Kwon on the Interpol red notice list and revoke his passport.[64] In December 2022, South Korean authorities shared their belief that Kwon was hiding in Serbia, which did not have an extradition treaty with South Korea.[65]

On 23 March 2023, Kwon was arrested at Podgorica Airport in Montenegro, which also did not have an extradition treaty with either South Korea or the United States, while attempting to travel to Dubai using falsified Costa Rican documents.[66][67][68][69] He was also found to be carrying falsified Belgian travel documents.[67] Following his arrest, he was charged by a federal grand jury in Manhattan of eight counts, including securities fraud, commodities fraud and wire fraud and conspiracy.[70] One month later, KBS News reported that Kwon had sent 9 billion won, equaling USD $7 million, to law firm Kim & Chang prior to the collapse of TerraUSD.[71]

On 11 May 2023, Kwon pled not guilty to a charge of using a forged Costa Rican passport to travel through the Montenegro airport where he was arrested.[13][20] On 19 June 2023, Kwon and Terraform Labs' former finance officer Han Chang-joon were sentenced to four months' imprisonment by a Montenegrin court for using forged passports.[72] Kwon appealed the court ruling, but lost the appeal in Montenegro's highest court.[73]

In November 2023, the Montenegro High Court approved Do Kwon's extradition to South Korea or the United States. The final decision to extradite him to South Korea was made by the Minister of Justice of Montenegro.[74][75]

On 11 January 2024, Do Kwon's lawyers asked to delay the trial in SEC v. Terraform Labs to mid-March 2024 so that Do Kwon could be extradited to the US and attend.[76] On 21 January, Terraform Labs declared Chapter 11 bankruptcy in the United States, listing assets and liabilities in the range of $100–500 million.[77] In February 2024, his former finance officer was ordered extradited from Montenegro to South Korea.[69]

On 5 March 2024, the Court of Appeals of Montenegro overturned the earlier court decision to extradite Kwon to the United States, and ordered it to repeat the process and determine if Kwon should be extradited to the United States or to South Korea.[78]

On 12 August 2024, the Supreme Court of Montenegro postponed the extradition of Do Kwon to South Korea. This decision followed a request from the Supreme State Prosecutor's Office and delays earlier rulings by the High Court in Podgorica and the Court of Appeal. The postponement will remain in effect until the Supreme Court reviews the legality of these decisions. Do Kwon remains in Montenegro as legal proceedings continue.[79][80]

On 18 October 2024, The Constitutional Court of Montenegro temporarily suspended the extradition of Kwon pending its review of his appeal. This pause overrides the Supreme Court's earlier decision authorizing the Justice Minister to proceed with Kwon's extradition.[81]

In December 2024, after another Supreme Court ruling decided that the Minister of Justice had the final say and Kwon consented to extradition to either the United States or South Korea, Minister Bojan Bozovic, ordered his deportation to the former based on the preponderance of the legal criteria for extradition.[82]

Other allegations

According to the South Korean special prosecution office, Kwon was found to have withdrawn approximately $35 million worth of cash even after having been arrested in Montenegro.[83][84][85][86][87]

In June 2023, documents and data on Kwon's confiscated laptop, including a letter by Kwon himself, were revealed to contain information showing that he allegedly backed Milojko Spajić, the former minister of finance and social welfare in the Government of Montenegro and the current Montenegrin prime ministerial candidate of the opposition party, Europe Now (PES), with funds for the upcoming election.[88][89][90][91] Kwon and his lawyers later denied the allegations.[92]

Personal life

Kwon named his daughter Luna, announcing the birth in April 2022 by tweeting, "My dearest creation named after my greatest invention."[93]

On 12 May 2022, an individual investor who claims to have lost approximately $2 million allegedly trespassed into Kwon's high-rise condominium building to demand an apology.[94][95][96][97][98] As a result, Kwon's wife filed and requested emergency police protection, and South Korean police began investigating the incident.[99][96][94]

In October 2022, during an interview with Unchained Podcast, Kwon was asked about the invalidation of his South Korean passport by the South Korean government, to which he responded "Oh, I'm not using it anyway, so it doesn't, I can't see how that makes a difference to me."[100] When asked if he had another passport, Kwon said he wasn't comfortable answering questions related to that or his travel plans.[100] In 2023, Kwon said that he held a legitimate passport from Costa Rica.[101]

Recognition

References

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Prefix: a b c d e f g h i j k l m n o p q r s t u v w x y z 0 1 2 3 4 5 6 7 8 9

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