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.
Linked scams & cases
Sources (2)
See also
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Dropil (DROP)TokensAn ICO for the DROP token built around a fake 'Dex' trading bot. The SEC said it raised ~$1.9M while claiming $54M from 34,000 investors, and that the founders falsified evidence during the probe. Founders Jeremy McAlpine and Zachary Matar pleaded guilty to securities fraud (36 and 30 months).
- CluCoin (CLU)Tokens
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