{"id":"do-kwon","title":"Do Kwon","content":"**Kwon Do-Hyung** (Korean: 권도형), more commonly known as Do Kwon, is the South Korean co-founder and CEO of Singapore-based Terraform Labs, the parent company of crashed stablecoin TerraUSD (now called [LUNC](https://iq.wiki/wiki/luna-classic-lunc)) and cryptocurrency [LUNA](https://iq.wiki/wiki/terra-luna). In May 2022, TerraUSD and Luna experienced a significant decline, resulting in a loss of nearly $45 billion in market capitalization over the course of a week and causing hundreds of billions in losses in the larger crypto market. [\\[4\\]](#cite-id-xxb4828gdyf)​[\\[3\\]](#cite-id-x05isu5rjmp)​\n\nFollowing his arrest in Montenegro in March 2023 for using falsified documents, Kwon was extradited to the United States in January 2025 to face fraud charges. In August 2025, he pleaded guilty to conspiracy and wire fraud. On December 11, 2025, Do Kwon was sentenced to 15 years in a U.S. prison for his role in the [Terra](https://iq.wiki/wiki/terra) ecosystem's collapse. [\\[30\\]](#cite-id-fPAciGCyjmjXvrWY)​[\\[31\\]](#cite-id-UgENh8mX9FPyX2CQ)​\n\n[YOUTUBE@VID](NGqWR-o_H8E)\n\n## Early Life & Education\n\nDo Kwon was born on September 6, 1991[\\[5\\]](#cite-id-qfwywibiebk), in Seoul, South Korea. He attended Daewon Foreign Language High School in Seoul. After receiving his B.Sc. in Computer Science from Stanford University in 2015, he transitioned to work briefly as a Software Engineer for Microsoft and Apple.[\\[2\\]](#cite-id-2jur1xdf8jv)​[\\[6\\]](#cite-id-2tr8xl7r7y1)​\n\n## Career\n\nIn January 2016, Do Kwon was the founder and former Chief Executive Officer of **Anyfi**, a wireless mesh network startup building [decentralized applications](https://iq.wiki/wiki/decentralized-application) for real-world use. During his time at Anyfi, Do co-invented several of the company's key patents around decentralized networks and routing systems.[\\[2\\]](#cite-id-2jur1xdf8jv)​\n\n## Terra Labs\n\nIn January 2018, Do Kwon co-founded [Terra](https://iq.wiki/wiki/terra) alongside entrepreneur [Daniel Shin](https://iq.wiki/wiki/daniel-shin). [\\[1\\]](#cite-id-gvlcmaym4c) In late 2018, [Terra](https://iq.wiki/wiki/terra) Labs released a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) called Luna. Terraform began selling its [stablecoin ](https://iq.wiki/wiki/stablecoin)TerraUSD (UST), in 2020. [\\[3\\]](#cite-id-x05isu5rjmp)​\n\nThe [Terra](https://iq.wiki/wiki/terra) blockchain, comprising UST and Luna, employed stable mining incentives that aimed to establish a flexible monetary policy and an efficient fiscal policy to mitigate the risks associated with limited usage and adoption. The UST coin was an algorithmic [stablecoin](https://iq.wiki/wiki/stablecoin) with its value backed by Luna to maintain a value of around $1, unlike other coins pegged to cash. [\\[18\\]](#cite-id-v3d1uh3qj4)​\n\nDuring his time at [Terra](https://iq.wiki/wiki/terra) Labs, Kwon also worked on various blockchain projects, including [Mirror](https://iq.wiki/wiki/mirror), Prism, Astroport, and Anchor. The [Mirror](https://iq.wiki/wiki/mirror-protocol) token, known as MIR, runs on a [decentralized finance](https://iq.wiki/wiki/defi) platform related to [Terra](https://iq.wiki/wiki/terra). MIR allows people to disregard restrictions on stocks and other assets by making it easier to create and trade synthetic versions. [\\[6\\]](#cite-id-2tr8xl7r7y1)​[\\[7\\]](#cite-id-qs1k7zopjii)​[\\[8\\]](#cite-id-24yxt90eoor)​\n\n#### Luna Crypto Crash\n\nInitially, [Terra](https://iq.wiki/wiki/terra) created TerraUSD (UST) and LUNA as sister coins on the [blockchain](https://iq.wiki/wiki/blockchain). The UST coin was an algorithmic [stablecoin](https://iq.wiki/wiki/stablecoin) with its value backed by Luna to maintain a value of around $1, unlike other coins pegged to cash. [\\[17\\]](#cite-id-z75y7zrsium)​\n\nOn May 7th, 2022, the price of TerraUSD (UST), the algorithmic stablecoin of the [Terra](https://iq.wiki/wiki/terra) network, dropped to 2 billion of UST was unstaked and liquidated, causing a decrease in its value from 1 of Luna. The reason for the sudden unstaking of the $2 billion worth of UST is unknown. After a large amount of UST was dumped, the [stablecoin](https://iq.wiki/wiki/stablecoin) started to [depeg](https://iq.wiki/wiki/currency-peg). [\\[18\\]](#cite-id-v3d1uh3qj4)​\n\nInvestors also sold their UST once the [stablecoin](https://iq.wiki/wiki/stablecoin) couldn't retain its [peg](https://iq.wiki/wiki/currency-peg). The price bounced between 30 cents and 50 cents in the week following the initial depeg, which then eventually fell to a steady low of under 20 cents. Its market cap, which was around 770 million by the end of May. [\\[19\\]](#cite-id-9v3464k5qul)​\n\nThis event led to an increase in the circulating supply of Luna from 345 million Luna to 3.47 billion Luna on May 12, 2022, which caused its eventual delisting from crypto exchanges, making it worthless. [\\[17\\]](#cite-id-z75y7zrsium)​\n\n#### Luna Crypto Crash: The Aftermath\n\nFollowing the crash, several crypto exchanges such as [Binance](https://iq.wiki/wiki/binance) delisted Luna and UST pairings. Trading suspensions were also prevalent in the lead-up to the weekend. A Luna [Coinbase](https://iq.wiki/wiki/coinbase) listing, previously set for launch by the end of June, was also quietly pulled. [\\[18\\]](#cite-id-v3d1uh3qj4)​\n\nDo Kwon published a recovery plan for Luna, which had a temporary effect on the overall sentiment. Luna briefly rose to 1 mark once again. It has since plummeted below 1 cent. Luna was abandoned after the drop, with [Terra](https://iq.wiki/wiki/terra) launching a new chain and new coin - Luna 2.0[\\[8\\]](https://iq.wiki/wiki/terra-luna#cite-id-dwpb4cq5a9). The old Luna was rebranded as [Terra](https://iq.wiki/wiki/terra) Classic now known as [LUNC](https://iq.wiki/wiki/luna-classic-lunc). [\\[20\\]](#cite-id-dfggr06mlte)​\n\n[YOUTUBE@VID](tWsAwpo2phc)\n\n#### Luna 2.0\n\nOn 28 May 2022, following the Luna crypto crash, **Terra 2.0**, a new form of the blockchain and the LUNA cryptocurrency, was launched. The new form of [LUNA](https://iq.wiki/wiki/terra-luna), which sees its original version rebranded as [terra](https://iq.wiki/wiki/terra) classic (LUNC), was airdropped to holders. [Terra](https://iq.wiki/wiki/terra) 2.0 continues to operate as a fork [Terra](https://iq.wiki/wiki/terra) Classic ([LUNC](https://iq.wiki/wiki/luna-classic-lunc)). The platform continues to roll out new services focused on cross-chain integrations. [\\[9\\]](#cite-id-9zdq6l54ahn)​\n\n## Regulatory Issues\n\nIn June 2022, following the LUNA crash, the U.S. Securities and Exchange Commission (SEC) started an investigation on [Terra](https://iq.wiki/wiki/terra) Labs to investigate whether the marketing of TerraUSD (UST) [stablecoin](https://iq.wiki/wiki/stablecoin) violated federal securities and investment regulations. Despite [Terra](https://iq.wiki/wiki/terra) Labs being based in Singapore, TerraUSD falls under SEC's regulations as Americans bought the token to fund businesses or seek profit. [\\[10\\]](#cite-id-pr1nlepv3z)​\n\nOn May 17, 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.[\\[32\\]](#cite-id-JF5BtYyqdtwKy8cd)​\n\nOn May 18, 2022, following investigations led by the National Tax Service of Korea, Terraform Labs founders Kwon and [Daniel Shin](https://iq.wiki/wiki/daniel-shin) were asked to pay additional taxes worth approximately $100 million in December 2021. 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. 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 the profits made by each entity need to obey Korean jurisdiction. [\\[12\\]](#cite-id-5dgyhpqdx3d)​[\\[33\\]](#cite-id-7UwW4Myi6bXJwQ5r)​\n\nIn 2021, before the SEC investigation regarding TerraUSD, the U.S. SEC issued a subpoena to Terraform Labs and Kwon, specifically regarding the \"[Mirror](https://iq.wiki/wiki/mirror) Protocol.\" Kwon responded by stating that he wouldn't comply with the demands and instead would be suing the SEC. Later, Kwon filed to dissolve the company's Korean entity on April 30, 2022, which was approved on May 4, 2022. The SEC later began an investigation of [Terra](https://iq.wiki/wiki/terra) Labs in June 2022. [\\[15\\]](#cite-id-i8km001urm)​[\\[7\\]](#cite-id-qs1k7zopjii)​[\\[16\\]](#cite-id-lokgaywlr2f)​\n\nIn February 2023, the SEC sued Do Kwon and Terraform Labs for fraud. The SEC alleges that Kwon marketed those assets, “repeatedly claiming” the tokens would increase in value. [\\[10\\]](#cite-id-pr1nlepv3z)​[\\[11\\]](#cite-id-saig9rd9mv)​[\\[13\\]](#cite-id-oo9h6l4e2n)​\n\n> “Today’s action not only holds the defendants accountable for their roles in Terra’s collapse, which devastated both retail and institutional investors and sent shock waves through the crypto markets, but once again highlights that we look to the economic realities of an offering, not the labels put on it,” - SEC enforcement director Gurbir Grewal said in a statement.\n\nOn March 23, 2023, Do Kwon was arrested within the territory of the Balkan nation, Montenegro for allegedly using falsified documents while attempting to travel to Dubai. He was also found to be carrying falsified Belgian travel documents [\\[14\\]](#cite-id-wc72g3eav6c)​\n\n> “Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder, and CEO of Singapore-based Terraform Labs.” - Filip Adzic, minister of the interior of Montenegro. [\\[34\\]](#cite-id-yuGgCjni3CdgRmx9)\n\nFollowing his arrest, he was charged by a federal grand jury in Manhattan with eight counts, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation. [\\[21\\]](#cite-id-5k5y1s92vhj)​\n\nUnder the charge, conspiracy to defraud, the U.S. prosecutors claim to have jurisdiction over Kwon because he made a series of false and misleading statements during a TV interview that was transmitted to — among other places — the Southern District of New York, about the extent to which the [Terra](https://iq.wiki/wiki/terra) blockchain had been adopted by users. [\\[21\\]](#cite-id-5k5y1s92vhj)​\n\nThe remaining four charges are related to a series of purportedly misleading statements about the effectiveness of the TerraClassicUSD stablecoin (USTC) to keep its peg with the U.S. dollar, as well as Kwon’s alleged involvement in trading strategies that were designed to alter the market price of USTC. [\\[21\\]](#cite-id-5k5y1s92vhj)​\n\nOne month later in April 2023, 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. [\\[22\\]](#cite-id-qikr87n1tol)​\n\nOn May 11, 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.[\\[23\\]](#cite-id-ie9r55gi3lq) He has been released under house arrest after being granted bail of 400,000 euros ($436,000).[\\[17\\]](#cite-id-z75y7zrsium) Later, Montenegro prosecutors appealed against the decision of the court to grant Do Kwon and Han Chang-Joon a release from detention on bail.[\\[24\\]](#cite-id-g5a7ngljfbd)​[\\[25\\]](#cite-id-7vqjc3ntdh)​\n\n[YOUTUBE@VID](0n1prMJ8gr0)\n\n## Settlement with SEC\n\nOn May 30, 2024, Terraform Labs and its founder Do Kwon reached a tentative settlement with the U.S. Securities and Exchange Commission (SEC) which sued them for allegedly misleading cryptocurrency investors before the 2022 collapse of the stablecoin TerraUSD. The deal but not its terms was disclosed on a court website on May 30. U.S. District Judge Jed Rakoff in Manhattan asked the SEC and the defendants to file papers supporting the settlement by June 12, 2024. [\\[26\\]](#cite-id-shahlzdf7vf)​\n\nIn March 2024, Do Kwon was released from prison in Montenegro after serving a fourth-month sentence for carrying a false passport. According to a Bloomberg report, he was released on Saturday, March 23, 2024. The Supreme Court halted the extradition of the Terraform Labs co-founder to South Korea, suspending a lower court’s ruling. [\\[27\\]](#cite-id-s4xknk3b05)​\n\n> “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended. Since he is a foreign citizen and his documents were withheld, he was taken for an interview to the police directorate for foreigners, and they will deal with him further.”[\\[27\\]](#cite-id-s4xknk3b05)\n\nIn April 2024, Kwon and Terraform Labs were found guilty by a jury of civil fraud charges and declared liable for defrauding investors about the coins. The SEC accused the company and Kwon of misleading investors in 2021 about the stability of TerraUSD, a stablecoin designed to maintain a value of $1. The regulator also accused them of falsely claiming Terraform's blockchain was used in a popular Korean mobile payment app. [\\[28\\]](#cite-id-6kbhsfevuss)​\n\nOn June 12, 2024, Terraform Labs and Do Kwon agreed to a settlement with the U.S. SEC, requiring them to pay a combined $4.5 billion in disgorgement and civil penalties. The settlement also includes a permanent ban on Kwon and Terraform Labs from buying and selling crypto asset securities, including all tokens in the [Terra](https://iq.wiki/wiki/terra) ecosystem. [\\[29\\]](#cite-id-a52w3wimwmg)​\n\nIn addition to their proposed final judgment, lawyers for the SEC filed a letter with the court urging the New York judge overseeing the case, U.S. District Court Judge Jed Rakoff of the Southern District of New York (SDNY), to approve the settlement agreement.\n\n> “If approved, the proposed judgment will send an unmistakable deterrent message to not only those who engage in brazen misconduct, but also to all those who seek to evade the requirements of the federal securities laws by crafting new standards of behavior for crypto assets that fall under the purview of the federal securities laws,” the lawyers wrote.[\\[29\\]](#cite-id-a52w3wimwmg)\n\n## U.S. Criminal Case and Sentencing\n\nAfter a 17-month detainment in Montenegro for passport fraud, Do Kwon was extradited to the United States in January 2025. In August 2025, Kwon pleaded guilty in a U.S. court to two felony counts as part of a plea agreement: one count of conspiring to commit commodities fraud, securities fraud, and wire fraud, and one count of committing wire fraud. In his plea, Kwon admitted that he \"knowingly engaged in a scheme to defraud and did, in fact, defraud\" purchasers of TerraUSD. The plea agreement reduced the original nine-count indictment he faced. [\\[30\\]](#cite-id-fPAciGCyjmjXvrWY)​[\\[31\\]](#cite-id-UgENh8mX9FPyX2CQ)​\n\nOn December 5, 2025, U.S. prosecutors requested a 12-year prison sentence, the maximum allowed under the plea deal. They argued this was necessary to avoid sentencing disparities with other high-profile crypto fraud cases, such as those of Celsius founder [Alex Mashinsky](https://iq.wiki/wiki/alex-mashinsky) (12 years) and FTX founder Sam Bankman-Fried (25 years). [\\[31\\]](#cite-id-UgENh8mX9FPyX2CQ)​\n\nOn December 11, 2025, District Judge Paul Engelmeyer of the Southern District of New York sentenced Do Kwon to 15 years in prison, exceeding the prosecution's recommendation. The judge described the financial and human impact of the $50 billion collapse as \"eye-popping\" and condemned Kwon's actions as \"despicable.\" Judge Engelmeyer was particularly critical of Kwon's public persona, citing a tweet where Kwon told a critic, \"I don't debate the poor on Twitter,\" stating, \"I found that moment revealing about who you truly are.\" He deemed a shorter sentence insufficient to deter Kwon or \"future Do Kwons.\"[\\[30\\]](#cite-id-fPAciGCyjmjXvrWY)​\n\nUnder the terms of his plea agreement, Kwon must serve at least half of his sentence (7.5 years) before he can apply for a transfer to his native South Korea, where he faces additional criminal charges. He will receive credit for the time he was detained in Montenegro, excluding the specific four-month sentence he served for passport fraud. [\\[30\\]](#cite-id-fPAciGCyjmjXvrWY)​","summary":"Do Kwon is a South Korean entrepreneur and CEO of Terraform Labs, known for the stablecoin TerraUSD and cryptocurrency Luna.","images":[{"id":"Qmeq4GU9MKjJ9ieqdfnXzfbrCRMbr1o3aH28kc78fVxkr6","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"People in crypto"}],"tags":[{"id":"Founders"}],"media":[{"id":"https://www.youtube.com/watch?v=LVanuXZedbs","size":"0","name":"LVanuXZedbs","type":null,"source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=tWsAwpo2phc","size":"0","name":"tWsAwpo2phc","type":null,"source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=NGqWR-o_H8E","size":"0","name":"NGqWR-o_H8E","type":null,"source":"YOUTUBE"}],"metadata":[{"id":"twitter_profile","value":"https://twitter.com/stablekwon"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/do-kwon/?originalSubdomain=kr"},{"id":"medium_profile","value":"https://medium.com/@dokwon"},{"id":"references","value":"[{\"id\":\"gvlcmaym4c\",\"url\":\"https://www.forbes.com/profile/do-kwon/?sh=448038c51da3\",\"description\":\"Forbes profile\",\"timestamp\":1660424421249},{\"id\":\"2jur1xdf8jv\",\"url\":\"https://kr.linkedin.com/in/do-kwon\",\"description\":\"Kwon's linkedin profie\",\"timestamp\":1660424492680},{\"id\":\"x05isu5rjmp\",\"url\":\"https://www.washingtonpost.com/technology/2022/06/01/terraform-labs-crypto-luna/\",\"description\":\"terra luna reinvention\",\"timestamp\":1683890459710},{\"id\":\"xxb4828gdyf\",\"url\":\"https://time.com/6177567/terra-ust-crash-crypto/\",\"description\":\"time- terra crypto crash\",\"timestamp\":1683890486570},{\"id\":\"qfwywibiebk\",\"url\":\"https://twitter.com/stablekwon/status/1434874906798288898?lang=en\",\"description\":\"do kwon birthday tweet\",\"timestamp\":1683891741936},{\"id\":\"2tr8xl7r7y1\",\"url\":\"https://www.bloomberg.com/news/features/2022-04-19/terraform-s-do-kwon-s-huge-bitcoin-buys-catch-crypto-billionaires-attention?leadSource=uverify%20wall\",\"description\":\"bloomberg - King of LUNAtics becomes most watched whale\",\"timestamp\":1683892273129},{\"id\":\"qs1k7zopjii\",\"url\":\"https://www.wsj.com/articles/cryptocurrency-company-snared-in-sec-dragnet-sues-regulator-11635181842\",\"description\":\"wsj - Cryptocurrency Company Snared...\",\"timestamp\":1683894961583},{\"id\":\"24yxt90eoor\",\"url\":\"https://therecord.media/mirror-protocol-suffers-2-million-exploit-after-90-million-stolen-in-october\",\"description\":\"therecord media- mirror protocol controversy\",\"timestamp\":1683895011599},{\"id\":\"9zdq6l54ahn\",\"url\":\"https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/do-kwon\",\"description\":\"cointelegraph - do kwon profile\",\"timestamp\":1683903107539},{\"id\":\"pr1nlepv3z\",\"url\":\"https://www.bloomberg.com/news/articles/2022-06-09/sec-investigating-ust-stablecoin-blowup-in-fresh-threat-to-terra?leadSource=uverify%20wall\",\"description\":\"bloomberg- sec charges do kwon & terra with fraud\",\"timestamp\":1683904690964},{\"id\":\"saig9rd9mv\",\"url\":\"https://www.cnbc.com/2023/02/16/sec-charges-do-kwon-with-fraud-in-connection-with-terra-collapse.html\",\"description\":\"cnbc- sec charges do kwon with fraud\",\"timestamp\":1683904780497},{\"id\":\"5dgyhpqdx3d\",\"url\":\"https://www.hankyung.com/finance/article/2022051854711\",\"description\":\"'Luna' Kwang Yong-hyung Tera...\",\"timestamp\":1683905291137},{\"id\":\"oo9h6l4e2n\",\"url\":\"https://cointelegraph.com/news/sec-sues-do-kwon-and-terraform-labs-for-fraud\",\"description\":\"cointelegraph - 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[\\\\\\\\[30\\\\\\\\]](#cite-id-fPAciGCyjmjXvrWY)[\\\\\\\\[31\\\\\\\\]](#cite-id-UgENh8mX9FPyX2CQ)\",\"Removed information about the initial eight-count indictment following his 2023 arrest in Montenegro.\"]},{\"title\":\"Content\",\"subtitle\":\"Minor text was trimmed from several sections and multiple internal links to 'Terra' and 'Mirror' were added.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Added internal links to 'Terra' and 'Mirror' in multiple sections, including 'Terra Labs', 'Luna Crypto Crash: The Aftermath', 'Luna 2.0', 'Regulatory Issues', and 'Settlement with SEC'.\",\"Removed minor descriptive text and figures from the 'Luna Crypto Crash' and 'Luna Crypto Crash: The Aftermath' sections.\"]},{\"title\":\"U.S. Criminal Case and Sentencing\",\"subtitle\":\"A new section was added detailing Do Kwon's U.S. criminal case, plea deal, and 15-year prison sentence.\",\"variant\":\"added\",\"changeCount\":4,\"changes\":[\"Added details about Kwon's plea agreement, in which he pleaded guilty to two felony counts of conspiracy and wire fraud. 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