They collapsed in May 2022 and took many of their investors' life savings along with them, with these individuals subsequently filing complaints that Kwon had run a Ponzi scheme.
Kwon and his associates marketed TerraUSD and Luna as stablecoins pegged to the US dollar, purportedly giving them more, well, stability. The pair were also found to have forged Belgian passports in their luggage, as well as computers sought by both the South Korean and US authorities. Han Chang-joon, Terraform Labs' former finance officer, was also charged and sentenced on the same count. Kwon has been found guilty on charges of forging official documents and sentenced to four months in jail after a late March arrest while trying to board a flight to Dubai from Podgorica Airport with fake Costa Rican passports, local newspaper Vijesti reported. Terraform Labs founder Do Kwon is wanted in South Korea and the US for a scheme that lost investors $40 billion when the company's cryptocurrency plummeted last year - but, for now, he will sit in a Montenegrin prison.
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