Do Kwon
Co-founder of Terraform Labs, which created the TerraUSD (UST) stablecoin and LUNA. Pleaded guilty to U.S. fraud charges and was sentenced in December 2025 to 15 years in prison.
Also known as: Do Hyeong Kwon
Bio
Do Hyeong Kwon co-founded Terraform Labs, the company behind the algorithmic stablecoin TerraUSD (UST) and the token LUNA. The SEC alleged he misled investors about UST's stability and the use of the Terra blockchain. [1][2]
Legal outcome
A jury found Terraform Labs and Kwon liable for securities fraud in April 2024. Kwon was extradited to the United States, pleaded guilty, and was sentenced in December 2025 to 15 years in prison. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
Evolved Apes (NFT)ProjectsAn NFT collection launched on OpenSea in September 2021 that promised a fighting game. About a week later its anonymous developer 'Evil Ape' vanished with 798 ETH (~$2.7M). In June 2024 U.S. prosecutors charged three U.K. nationals over the scheme.
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