{"id":59833,"date":"2025-12-12T01:53:15","date_gmt":"2025-12-12T01:53:15","guid":{"rendered":"https:\/\/www.threatshub.org\/blog\/crypto-crasher-do-kwon-jailed-for-15-years-over-40bn-ust-bust\/"},"modified":"2025-12-12T01:53:15","modified_gmt":"2025-12-12T01:53:15","slug":"crypto-crasher-do-kwon-jailed-for-15-years-over-40bn-ust-bust","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/crypto-crasher-do-kwon-jailed-for-15-years-over-40bn-ust-bust\/","title":{"rendered":"Crypto-crasher Do Kwon jailed for 15 years over $40bn UST bust"},"content":{"rendered":"<p>Terraform Labs founder Do Kwon will spend 15 years in jail after pleading guilty to committing fraud.<\/p>\n<p>Kwon\u2019s company created a token called Terra USD (UST) and promoted it as a &#8220;stablecoin&#8221; that would always be valued at one US dollar.<\/p>\n<p>That was easier said than done. Terraform Labs tried to make it happen with a complex scheme involving multiple protocols, a linked token called Luna, and smart contracts. In May 2022, the scheme <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2022\/05\/17\/terrausd_luna_crash\/\">unraveled<\/a> spectacularly and the value of UST tokens fell from $1.00 to $0.09. Attempts to shore up the ecosystem by buying $3.5 billion of bitcoin didn\u2019t work, and $40 billion of value evaporated in a puff of blockchain reverie.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"condor\" data-xsm=\",fluid,mpu,dmpu,\" data-sm=\",fluid,mpu,dmpu,\" data-md=\",fluid,mpu,dmpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" target=\"_blank\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>Kwon is a South Korean national, Terraform Labs operated out of Singapore, and the collapse of UST burned investors across the globe. Authorities in many nations therefore wanted a word with Kwon, who in late 2022 left Singapore and disappeared.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xmd=\",fluid,mpu,leaderboard,\" data-lg=\",fluid,mpu,leaderboard,\" data-xlg=\",fluid,billboard,superleaderboard,mpu,leaderboard,\" data-xxlg=\",fluid,billboard,superleaderboard,brandwidth,brandimpact,leaderboard,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<div class=\"adun_eagle_desktop_story_wrapper\">\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"mid\" data-raptor=\"eagle\" data-xxlg=\",mpu,dmpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" target=\"_blank\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<\/p><\/div>\n<p>He emerged months later in Montenegro, a tiny European country that later <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2023\/03\/24\/do_kwon_montenegro\/\">arrested<\/a> him as he tried to reach Dubai using a fake passport.<\/p>\n<p>South Korea and the USA both tried to extradite Kwon, and the latter country won out and put him on trial. After initially defending his conduct, in August Kwon <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2025\/08\/13\/do_kwon_pleads_guilty\/\">pleaded guilty<\/a> to conspiring to commit commodities fraud, securities fraud, and wire fraud. He also apologized.<\/p>\n<p>Prosecutors sought a 12-year sentence. On Thursday, Judge Paul Engelmayer of the Southern District of New York decided 15 years was more appropriate because Kwon\u2019s fraud was of \u201cepic, generational scale.\u201d<\/p>\n<p>While US courts pursued Kwon, the Securities and Exchange Commission worked to wind up Terraform labs, and in 2024 <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2024\/06\/17\/terraform_labs_payment_closure\/\">secured<\/a> $4.5 billion to share with creditors and authorities.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xsm=\",fluid,mpu,dmpu,\" data-sm=\",fluid,mpu,dmpu,\" data-md=\",fluid,mpu,dmpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_offbeat\/legal&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44aTuraGl64TqEixHvj2Dv2gAAA4M&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>But that sum represents around ten percent of losses caused by Kwon\u2019s actions.<\/p>\n<p>The District Court published victim impact statements prior to Kwon\u2019s sentencing and they\u2019re tough reads because they tell stories of investors who hoped to fund their retirement, but must now continue working even as they deal with health and relationship problems caused by the collapse of UST. \u00ae<\/p>\n<p> READ MORE <a href=\"https:\/\/go.theregister.com\/feed\/www.theregister.com\/2025\/12\/12\/do_kwon_sentenced\/\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Judge said his fraud was on &#8216;epic, generational scale&#8217; Terraform Labs founder Do Kwon will spend 15 years in jail after pleading guilty to committing fraud.\u2026 READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[63],"tags":[],"class_list":["post-59833","post","type-post","status-publish","format-standard","hentry","category-the-register"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crypto-crasher Do Kwon jailed for 15 years over $40bn UST bust 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security &amp; Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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