Comment on US prosecutors estimate one million victims by Terraform-Do Kwon

US prosecutors estimate one million victims by Terraform-Do Kwon

United States prosecutors have filed criminal charges against former Terraform Labs chief executive officer Do Kwon, revealing a staggering victim count. Acting US Attorney Daniel Gitner admitted that it is hard to quantify how many people were damaged by the collapse of Terra (LUNA) and its TerraUSD stablecoin. Still, he suggested in a recent court filing that the estimate is a rather high one: “While it is difficult to precisely quantify the number of Kwon’s victims in light of the sheer number of purchases and sales of Terraform’s cryptocurrencies and the manner of those transactions, […] 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 details Prosecutors claim that Kwon built the Terra ecosystem on a foundation of lies and manipulative and deceptive techniques that misled investors into believing it was a reliable and functional financial system.

 

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