Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12450
Markets: 96130
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
Crypto Potato 2025-01-07 20:17:35

US Prosecutors Estimate Over 1 Million Victims in Do Kwon Crypto Fraud Case

US Prosecutors Estimate Over 1 Million Victims in Do Kwon Crypto Fraud Case

U.S. prosecutors pursuing criminal charges against Terraform Labs co-founder Do Kwon have estimated that the collapse of the TerraUSD and Luna cryptocurrencies may have affected more than one million individuals and entities. The estimate was revealed in a filing submitted on January 6 by acting U.S. Attorney Daniel Gitner to the U.S. District Court for the Southern District of New York. Over 1 Million People Affected Gitner admitted that accurately determining the number of individuals affected by Kwon’s actions is challenging due to the large amount of purchases and sales of Terraform’s cryptocurrencies and the nature of those transactions. However, he also said: “The Government estimates that the number of victims in this case exceeds hundreds of thousands of individuals and entities, and potentially totals more than one million.” The document outlined the measures proposed under the Justice for All Act of 2004 to inform victims of their rights. Given the impracticality of sending individualized notices to every affected person, the government has suggested creating a public website to keep victims updated on case proceedings. Prosecutors allege that Kwon misled investors by promoting his organization as a decentralized financial ecosystem featuring innovative technologies like its own currency, payment system, stock market, and savings bank. According to the indictment, he falsely claimed that the Terra ecosystem operated autonomously through blockchain technology and user governance, hiding his and his team’s control. The filing states that Kwon’s system was built on “lies” and “manipulative and deceptive” techniques, ultimately leading to investor losses exceeding $40 billion when the TerraUSD and Luna cryptocurrencies collapsed in May 2022. Legal Troubles Following the crash, Kwon became a fugitive, evading authorities until his capture in Montenegro in 2023 on unrelated charges. Both South Korea and the U.S. sought his extradition, leading to prolonged legal battles. The co-founder was ultimately sent to the latter in December 2024 The 33-year-old now faces multiple criminal charges in the United States, including commodities fraud, securities fraud, wire fraud, and conspiracy to commit money laundering. In addition, the Securities and Exchange Commission (SEC) brought a civil fraud case against him and Terraform Labs in April 2024, resulting in a $4.5 billion settlement . On January 2, 2025, he appeared in a U.S. court for the first time and pleaded not guilty to the criminal charges. He remains in custody, with his next court hearing scheduled for January 8. The post US Prosecutors Estimate Over 1 Million Victims in Do Kwon Crypto Fraud Case appeared first on CryptoPotato .

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
55.82%
Bitcoin Share
694
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.